What is XRP?
Ripple is a platform released in 2012 designed to support fast, inexpensive and secure global financial transactions. XRP is the currency used on the Ripple network.
Unlike other cryptocurrencies, XRP transactions are not confirmed by the network. Instead, transactions are validated by nodes using a consensus algorithm. It takes approximately 3-5 seconds for a transaction to be validated on the Ripple network. Fees are based on the amount of traffic on the Ripple network and not on the amount being sent.
The Ripple network requires a base reserve amount of 20 XRP for every address on the XRP ledger. This amount cannot be sent to other addresses in the Ripple network and is required to prevent any issues due to the malicious usage of the network.