XRP is a cryptocurrency and token used by Ripple Labs to facilitate transactions on its network. It is primarily used to enhance global financial transfers and the exchange of several currencies. Unlike most cryptocurrencies, XRP is pre-mined, with a maximum token supply of 100 billion. The XRP ledger is decentralized and open-source, and transactions are facilitated by the Ripple transaction protocol. Ripple is a money transfer network designed to serve the needs of the financial services industry. XRP can be used as a bridge currency, giving financial institutions a cheaper way to trade currencies. The standard fee to conduct transactions on Ripple is set at 0.00001 XRP, which is minimal compared to the large fees charged by banks for conducting cross-border payments.

In December 2020, Ripple Labs and two of its executives were sued by the U.S. Securities and Exchange Commission (SEC) for selling XRP tokens, which the SEC classified as unregistered securities). In July 2023, the court ruled that "XRP, as a digital token, is not in and of itself a contract, transaction, or scheme that embodies the Howey requirements of an investment contract"). However, the manner in which XRP is sold could constitute the sale of a security). The case could subsequently go to a full trial or be appealed).

XRP can be bought as an investment on a cryptocurrency stock exchange and held in a digital wallet. It has been traded as a cryptocurrency and is available on several exchanges, including futures, options, swap exchanges, spot exchanges, custodian exchanges, and non-custodian exchanges. However, over the years, many issues have surfaced regarding XRP within the crypto community and from regulatory bodies. Despite its controversies, XRP remains one of the top cryptocurrencies by market cap.