XRP is a cryptocurrency developed by Ripple Labs and used for digital payments. Ripple is a technology company that serves as a global payment network and payment protocol. XRP is used for transactions on the Ripple network and is designed to speed up international money transfers and reduce their cost. The main purpose of XRP is to be a fast and low-cost tool that interbank payments, liquidity providers and financial institutions can use for global payments. XRP's blockchain-based technology allows transactions to be processed within seconds, providing a much faster solution than traditional bank transfers. XRP also helps facilitate international trade in cross-border payments.
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