Ripple (XRP) is a technology that acts as both a cryptocurrency and a digital payment network for financial transactions. Ripple''s main process is a payment settlement asset exchange and remittance system, similar to the SWIFT system for international money and security transfers, which is used by banks and financial middlemen dealing across currencies. The token used for the cryptocurrency is pre-mined and utilizes the ticker symbol XRP.

Ripple is the name of the company and the network, and XRP is the cryptocurrency token. The purpose of XRP is to serve as an intermediate mechanism of exchange between two currencies or networks—as a sort of temporary settlement layer denomination.

Rather than use blockchain mining, Ripple uses a consensus mechanism, via a group of bank-owned servers, to confirm transactions. Ripple transactions use less energy than Bitcoin, can validate 1500 transactions per second, and cost very little, whereas bitcoin transactions use more energy, take longer to confirm, and include higher transaction costs. The XRP protocol does not accommodate mining.