XRP is the native cryptocurrency of the XRP Ledger, a blockchain created with a specific focus on enabling fast and low-cost cross-border payments. It was designed largely with financial institutions in mind, aiming to make international money transfers settle in seconds rather than the days that traditional bank transfers can take.
Ripple, the company closely associated with XRP, has worked with various payment providers and financial institutions to explore using the XRP Ledger as a bridge currency, meaning it can be converted between different currencies quickly to facilitate a transfer without needing a direct relationship between every pair of currencies involved.
XRP has also been the subject of notable regulatory attention in the United States, including a multi-year legal case regarding whether XRP should be classified as a security. Beginners researching XRP should be aware that its regulatory status has varied by jurisdiction and has evolved over time.
