XRP is a digital currency created by Ripple Labs. It is designed to facilitate fast and low-cost global payments. Unlike other cryptocurrencies such as Bitcoin, XRP does not rely on blockchain technology for mining. Instead, transactions are verified through a network of independent servers.

XRP is characterized by its speed and efficiency in processing transactions, making it an attractive option for financial institutions and money transfer companies. However, XRP has also faced legal and regulatory challenges, affecting its price and market stability. The future of XRP heavily depends on the outcomes of these challenges and its widespread adoption by financial institutions.