Ripple (XRP) is a digital currency developed by Ripple Labs, which aims to facilitate money transfers between banks and financial institutions in a faster and more efficient way. Launched in 2012, Ripple is based on blockchain technology, allowing for instant transactions at low costs.

Ripple is different from other digital currencies such as Bitcoin, as it is not just a digital currency but also a payment system that allows banks to make transfers across borders quickly and securely. Using the Ripple protocol, banks can transfer money between each other in seconds instead of days, making it an attractive option for financial institutions.

Despite its benefits, Ripple has faced some challenges, including legal issues with the US Securities and Exchange Commission (SEC) regarding its classification as a security. However, Ripple continues to partner with many banks around the world, reflecting the market’s interest in its potential to improve the global payments system.