What Is XRP?
XRP is the native token built for fast payments by Ripple. It is the digital asset on the XRP Ledger—an open-source, permissionless and decentralized blockchain technology that can settle transactions in 3-5 seconds.
XRP can be sent directly without needing a central intermediary, making it a useful financial instrument in acting as a bridge between two different currencies. This allows the user to transfer funds in another currency quickly and efficiently.
At present, sending money to another part of the world can be quite expensive and remittance times can be high. Banks fees are typically high for the privilege of using a payment system that takes several days to process transactions. XRP on the other hand, has the capability of sending large sums of money securely with low transaction costs at speed.