XRP is the digital currency used on the Ripple network, which is a company focused on connecting banks and financial institutions to facilitate global money transfer services. XRP was created to address the challenges associated with money transfers, such as the long time required to exchange money and the high costs associated with traditional financial systems.

The Ripple and XRP framework allows banks and money managers to quickly execute money exchanges, reducing costs and time. Some of the key features of XRP include:

1. Fast: XRP helps facilitate money transfers quickly; transfer times are measured in mere seconds.

2. Low cost: Using XRP to execute money transfers is significantly cheaper than traditional methods, making it an attractive option.

3. Limited supply: XRP has a capped supply (like traditional currencies), reducing the risk of inflation.

XRP is widely recognized in the digital currency market and is used for various financial operations. However, Ripple and XRP have faced regulatory concerns from financial authorities, particularly the SEC in the United States, which has impacted the XRP market.