XRP is a digital asset created by Ripple Labs, designed to facilitate fast and low-cost international money transfers. Unlike many cryptocurrencies, XRP is not mined; instead, it was issued all at once, with a capped supply of 100 billion coins.One of the primary uses of XRP is to act as a bridge currency in cross-border payments. When banks or financial institutions use Ripple’s network for transactions, they can convert their local currency into XRP. The funds are then transferred over the network and converted back to the recipient’s currency. This method can significantly reduce transaction times and fees compared to traditional banking systems.XRP is often compared to Bitcoin and Ethereum, but its primary focus is on providing solutions for banks and remittance services rather than being a general-purpose currency. The ongoing legal issues faced by Ripple Labs, particularly with the U.S. Securities and Exchange Commission (SEC), have also drawn attention to the status and future of XRP.