XRP is a digital currency created in 2012 by [[Ripple Labs]] (originally called OpenCoin), designed primarily for fast, low-cost international money transfers and payments. Key features: - Created by: Ripple Labs founders (Chris Larsen, Jed McCaleb) - Not mined like Bitcoin - Pre-mined supply: 100 billion tokens - Consensus mechanism: XRP Ledger Consensus Protocol - Fast transaction speed (3-5 seconds) - Low transaction costs Notable developments: - 2013: Company renamed to Ripple Labs - 2020: [[Securities and Exchange Commission (SEC)]] lawsuit against Ripple - 2023: Partial victory in SEC case - Used by financial institutions for cross-border payments The token operates on the XRP Ledger, a decentralized blockchain platform, though Ripple Labs maintains significant influence over its development and holds a large portion of the total supply.