XRP is the native token for the XRP Ledger, created as a payment system by Ripple in 2012. The XRP Ledger uses a consensus mechanism called the XRP Ledger Consensus Protocol, which doesn’t use proof-of-work or proof-of-stake for consensus and validation. Instead, client applications sign and send transactions to the ledger servers. The servers then compare the transactions and conclude whether they are candidates for entry into the ledger.10
The servers then send the transaction candidates to validators, who work to agree that the servers got the transactions right and record the ledger version.11
On July 22, 2023, XRP had a market cap of about $39.3 billion and traded around $0.74.9