XRP is the native cryptocurrency for products developed by Ripple Labs. Its products are used for payment settlement, asset exchange, and systems that function more like SWIFT, a service for international money and value transfers used by a network of banks. and financial intermediaries.
XRP is pre-mined and uses a less complicated mining method compared to Bitcoin.
What is Ripple
Ripple is a payment settlement system and currency exchange network that can process transactions around the world. The idea is for Ripple to serve as a trusted agent between two parties to a transaction, as the network can quickly confirm that the trade was successful. Ripple can facilitate trades for a variety of fiat currencies, cryptocurrencies like Bitcoin, and even commodities like gold.
Whenever users make a transaction, the network itself deducts a small amount of XRP, a cryptocurrency, as a fee.