XRP is a digital currency developed by Ripple Labs, designed to facilitate fast, low-cost international money transfers. Unlike many cryptocurrencies that rely on mining, XRP uses a unique consensus algorithm through a network of validators, making transactions quicker and more energy-efficient. It is often used by financial institutions to improve the speed and reduce the cost of cross-border payments. Despite ongoing legal battles with the U.S. Securities and Exchange Commission (SEC) over its classification, XRP remains one of the top cryptocurrencies by market capitalization. Its utility and partnerships with global banks continue to support its relevance in the crypto space.
