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XRP is a digital asset created by Ripple Labs designed primarily to facilitate fast and low-cost international money transfers and cross-border payments between financial institutions. Its key features include high transaction speed (settling in seconds rather than minutes or hours), minimal transaction costs, and the ability to bridge different currencies seamlessly through the XRP Ledger. What distinguishes XRP from other cryptocurrencies is its focus on real-world banking and payment applications rather than general-purpose blockchain use, along with its centralized distribution model where Ripple Labs holds a significant portion of the total supply to support network adoption and stability.