Ripple (XRP)

Ripple (XRP) is a cryptocurrency and a system for instant international money transfers. However, it's crucial to distinguish between two things: Ripple (with a capital "R") is the company, and XRP is the cryptocurrency they utilize.‍ ‍ The primary idea behind Ripple is to expedite and reduce the cost of international financial transactions, facilitating swift exchange of any assets, not necessarily limited to cryptocurrencies. While they employ blockchain technology, their approach is more centralized compared to other cryptocurrencies like Bitcoin or Ethereum.‍ ‍ Ripple utilizes its proprietary payment protocol technology called RippleNet to ensure fast and cost-effective money transfers, including cross-border transactions. XRP, in turn, is used within the network as an international exchange asset, aiding in simplifying and expediting transactions.