XRP

XRP is the native digital asset of the XRP Ledger, an open‑source, decentralized blockchain that uses the Ripple Protocol Consensus Algorithm rather than proof‑of‑work to validate transactions within a few seconds. The ledger was created by Ripple Labs to provide a fast, low‑cost settlement layer for cross‑border payments, and XRP is often used as a bridge currency in Ripple’s On‑Demand Liquidity service, allowing financial institutions to move value without pre‑funded correspondent accounts. The network can also host token issuance, a built‑in decentralized exchange, and limited smart‑contract functionality, positioning XRP as a utility‑focused cryptocurrency within the broader payments ecosystem. While it is widely adopted by banks and fintechs for international settlement, the system’s validator list and corporate involvement have led to ongoing discussions about its degree of decentralization.