XRP

XRP is a digital currency created by Ripple Labs, designed for fast and cost-effective cross-border transactions. It serves as a bridge currency for facilitating the transfer of value between different fiat currencies, enabling quick settlements without the need for multiple intermediary banks. Unlike traditional cryptocurrencies, XRP is not mined; instead, a fixed supply of 100 billion XRP was pre-mined at its inception, with a portion released to the market over time. XRP transactions are validated through a consensus protocol involving a network of independent validators, providing a scalable and efficient alternative to existing payment systems. The primary use of XRP is within the Ripple payment platform, which aims to streamline and enhance the process of international money transfers.