XRP is a digital cryptocurrency developed by San Francisco-based Ripple Labs Inc. Unlike many other cryptocurrencies, XRP does not aim to replace the traditional banking system, but to improve it. Launched in 2012, XRP is intended to provide a faster, cheaper method of transferring money across borders, especially compared to traditional payment systems such as SWIFT.



Special features of XRP:


XRP differs from other cryptocurrencies in a few key ways:

1.) Speed: XRP transactions are typically processed within 3-5 seconds. This is a stark contrast to other cryptocurrencies such as Bitcoin, where transactions can take up to 10 minutes or longer.

2.) Bridge Currency: XRP can serve as a bridge currency to facilitate exchanges between two different fiat currencies. This can help minimize costs and complexity in such transactions.

3.) XRP Token Distribution: All XRP tokens were created at the currency's inception, and Ripple Labs holds a significant portion of the total supply. This is different from cryptocurrencies like Bitcoin, where new tokens are created through the process of “mining.”