XRP is a digital currency and the native token of the Ripple network, designed for fast and low-cost international payments. It facilitates cross-border transactions for financial institutions, providing quick settlements (typically 3-5 seconds) with low fees. XRP operates on a consensus ledger rather than proof-of-work or proof-of-stake mechanisms, making it energy-efficient. The total supply is capped at 100 billion coins, with a significant portion held by Ripple Labs.