XRP is a digital currency created by Ripple Labs in 2012 with the aim of facilitating international money transfers. XRP is characterized by its superior speed and low transaction costs compared to other digital currencies such as Bitcoin and Ethereum. It is designed to act as a bridge between different currencies, allowing banks and financial institutions to settle cross-border transactions within seconds rather than days. The RippleNet system features a distributed network of validators who verify the validity of transactions, making them safe and efficient.

XRP is considered one of the largest digital currencies by market capitalization and is mainly used in the finance sector to improve the efficiency and speed of international banking and trade operations. Despite the legal challenges Ripple Labs has faced with the US Securities and Exchange Commission (SEC), XRP remains widely popular and used in many financial applications around the world.