Ripple

Ripple, known as XRP, ranks as the third most recognized digital asset after Bitcoin and Ethereum, primarily due to its rapid transaction confirmation times of under five seconds. Founded in 2012 by Chris Larsen and Jed McCaleb under the name OpenCoin, Ripple is a payment protocol and money transfer network that leverages blockchain technology to streamline international transactions, aiming to reduce costs for banks and financial institutions. Its key applications include facilitating fast and inexpensive money transfers, lowering transaction fees, supporting multiple currencies, enhancing security, and gaining adoption among banks globally. While Ripple offers advantages such as high transaction speeds, low fees, robust security, and scalability, it faces challenges due to its large initial token supply held by Ripple Labs, which raises concerns about price control, and its reliance on the acceptance by legal and financial entities for long-term success.