What is XRP? Ripple, cross-border payments and the reality

In brief

XRP is the currency of the XRP Ledger, a blockchain launched in 2012. It aims to move money across borders in seconds at very low cost. Ripple, a US company, is closely involved in its development and promotion and owns a large share of all XRP.

Legal history

In 2020 the US SEC sued Ripple, alleging that its XRP sales amounted to selling unregistered securities. XRP's price swung sharply around rulings and news in the case. It shows how much regulatory risk can move a coin's price.

Misconception: "banks use XRP"

Ripple has signed deals with various banks and payment firms, but not all of Ripple's services use the XRP coin. Pitches like "once bank X joins, the price will multiply" are usually exaggerated.

In Bangladesh

• Using crypto for remittances or foreign exchange is not permitted. See sending money home through crypto.
• Today's price in taka: XRP price.