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What is XRP?

XRP is a cryptocurrency that was created in 2012 by Ripple Labs, a San Francisco-based company.

Unlike Bitcoin and many other cryptocurrencies, XRP was not designed to be used as a digital currency for everyday transactions. Instead, it serves as a bridge currency for financial institutions to facilitate cross-border payments and remittances.

Ripple’s technology, which utilizes XRP, allows for faster and cheaper international transactions compared to traditional banking methods. XRP has faced regulatory challenges, with the US Securities and Exchange Commission (SEC) filing a lawsuit against Ripple Labs in December 2020, claiming that XRP is a security and therefore subject to securities laws.

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