$XRP is a digital asset and cryptocurrency developed by Ripple Labs, designed primarily for fast and low-cost international money transfers. Unlike many other cryptocurrencies, XRP does not rely on traditional blockchain mining; instead, it uses a consensus protocol through a network of validators to confirm transactions. This allows XRP to process thousands of transactions per second with minimal fees, making it attractive to banks and financial institutions seeking efficient cross-border payment solutions. Its role in RippleNet, Ripple’s global payments network, positions XRP as a bridge currency for seamless currency exchanges.