XRP is a digital currency that was originally conceived to enable international money transfers in a fast and efficient manner. XRP is different than some other digital currencies in that it is directly related to the activities of a private company, Ripple Inc., a software company based in San Francisco that offers solutions to financial institutions.
Ripple Inc. also owns a huge number of XRP, given to Ripple by the creators of XRP years ago. These billions of XRP are in escrow and a fixed amount are unlocked each month in order to fund operations and supply the market.
Remittances and international money transfers are currently the most prominent ways that XRP is being used. People also speculate and trade XRP in the hopes that the price will go up over time. Some companies and individuals are trying to take the concept of micropayments - such as tips, paying for content, and in-game purchases - mainstream via the use of XRP.
Ripple, its CEO, and its chairman are currently being sued by the SEC for illegally selling unregistered securities worth $1.3 billion.
The current price of XRP is $0.645671 US dollars. This price is up 0.26% from yesterday