Ripple (XRP) is a decentralized cryptocurrency and digital payment protocol that aims to provide fast, secure, and low-cost cross-border transactions. It was created in 2012 by Ripple Labs (now Ripple) and operates on a consensus ledger, which allows for real-time settlement of transactions. Ripple’s native cryptocurrency, XRP, acts as a bridge currency between different fiat currencies and cryptocurrencies, facilitating cross-border transactions and reducing the need for pre-funding.
Ripple’s technology is used by several financial institutions around the world, including Santander, American Express, and Standard Chartered. Ripple’s goal is to provide a global network of banks and payment providers with a fast, efficient, and cost-effective way to send money globally. Ripple’s unique approach and partnerships with major institutions have made it one of the most popular cryptocurrencies in the market.