XRP, also known as Ripple, is a cryptocurrency that operates on the XRP Ledger, an open-source blockchain designed to facilitate faster and cheaper payments. XRP is the native cryptocurrency of the XRP Ledger, created by Ripple Labs in 2012. Unlike traditional cryptocurrencies that are mined, XRP is pre-mined, with a total supply of 100 billion tokens. The company Ripple holds a significant portion of XRP, and the remaining tokens are gradually released into circulation.
XRP serves as a bridge currency, enabling quick and cost-effective cross-border transactions, settling in less than five seconds. It is used to facilitate transactions within the Ripple network and is available for trading on various exchanges. Despite regulatory challenges, XRP remains a popular choice for investors and users seeking efficient and secure digital transactions.