XRP is the native digital currency of the Ripple network, an open-source payment system aimed at enabling fast and inexpensive financial transfers between banks and financial institutions worldwide.

Here are some key facts:

Issuer: Ripple Labs.

Primary goal: To facilitate international transfers at high speed and low cost.

Speed: XRP transactions are executed within seconds, compared to other currencies like Bitcoin which may take minutes or hours.

Banking use: XRP is used by some banks as a liquidity bridge between different currencies.

Difference from Bitcoin: XRP does not rely on mining (Proof of Work), but rather on a consensus mechanism among a number of trusted validators.

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