XRP is the original digital currency of the Ripple network, an open-source payment system aimed at enabling fast and inexpensive financial transfers between banks and financial institutions around the world.
Here are some key details:
Issuer: Ripple Labs.
Primary goal: To facilitate international transfers with high speed and low cost.
Speed: XRP transactions are executed within seconds, compared to other currencies like Bitcoin, which can 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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