Ripple is an open source protocol platform that enables fast and inexpensive transfers of funds. XRP is a Ripple-related cryptocurrency that is used in the transaction process.
Some cryptocurrency experts believe that Ripple will dominate international payments in the future as it is a more efficient alternative to the current SWIFT network. It was this fact that attracted the attention of banks to XRP.
More and more institutions are working with Ripple to make international payments. When a transaction is made through the Ripple network, a small amount of XRP is charged to the user.