XRP (Ripple) (XRP) is the native digital asset of the XRP Ledger (XRPL), a purpose-built, standalone Layer-1 blockchain launched in June 2012.
XRPL is designed primarily for fast, low-cost payments and settlement, using its own federated consensus protocol rather than proof-of-work or proof-of-stake mining. XRP is used to pay transaction fees on the ledger and to move value across the network. Ripple (Ripple Labs Inc.), a US-based fintech company, is the primary corporate steward associated with XRP and also operates RippleNet, a separate private payments network.
XRP Ledger differentiates itself through a federated consensus protocol that finalizes ledgers via Unique Node List (UNL) agreement instead of mining or staking, enabling fast settlement without block rewards.
As of 2026-08-31, trailing 30-day network activity included 79,354,457 transactions and 211,138 unique monthly active addresses, generated for roughly $97,646.67 in total network fees, reflecting a payments-focused design that prioritizes throughput and low cost. Regulatory clarity following the August 2025 resolution of SEC v. Ripple and the November 2025 launch of US spot XRP ETFs have reinforced XRP's institutional accessibility.
XRP is a utility token used to pay transaction fees on the XRP Ledger and to bridge value transfers across the network, rather than a governance token.
Holders do not stake XRP for network security, since XRPL's consensus protocol does not rely on token-based staking or mining. XRP also underlies liquidity and payment use cases promoted by Ripple and RippleNet-affiliated institutions, and has gained additional utility through inclusion in US spot XRP ETFs, which give investors regulated exposure to the asset.
XRP has a fixed maximum supply of 100,000,000,000 XRP, all created at the network's 2012 genesis with no further issuance possible, making it non-mineable.
In December 2017, Ripple placed 55 billion XRP (55% of total supply) into on-ledger escrow releasing up to 1 billion XRP monthly over 55 months, with unreleased amounts historically re-locked. Because total supply is fixed at genesis, net emission is disinflationary relative to the maximum supply.
The XRP Ledger launched in June 2012 with its entire 100,000,000,000 XRP maximum supply generated at genesis; there was no ICO or public token sale.
Founders gifted roughly 80 billion XRP to the newly formed company (later Ripple), which has since distributed, sold, and held XRP as corporate treasury, distinct from a typical token launch. In December 2017, Ripple locked 55 billion XRP into escrow for scheduled monthly release. Separately, Ripple raised a $200 million Series C round in December 2019 led by Tetragon, with SBI Holdings and Route 66 Ventures, valuing the company at $10 billion.
XRP is the native asset of the XRP Ledger (XRPL), its own standalone Layer-1 blockchain launched in June 2012, not an EVM- or Solana-based chain.
XRPL uses a federated, trust-based Byzantine-agreement consensus protocol: each server maintains a Unique Node List (UNL) of validators it trusts, and a ledger becomes final once roughly 80% of that trusted set agrees. The validator registry lists 162 total validators, with 35 on the default UNL jointly published by Ripple and the independent XRP Ledger Foundation. The protocol uses no proof-of-work mining or proof-of-stake incentives.
The XRP Ledger and XRP were created in 2012 by David Schwartz, Jed McCaleb, and Arthur Britto, later joined by Chris Larsen. The group incorporated as OpenCoin in September 2012, later renamed Ripple Labs.
Jed McCaleb departed in June 2013 and went on to found rival project Stellar in 2014. Chris Larsen served as CEO until stepping down in December 2016, remaining Executive Chairman. Brad Garlinghouse, who joined as COO in 2015, became CEO in January 2017 and remains CEO as of the most recent information available. David Schwartz has remained CTO/Chief Cryptographer since founding.
Ripple (Ripple Labs Inc.), a US-based fintech company headquartered in San Francisco, is the primary corporate steward of XRP and developer of the XRP Ledger's reference implementation.
Ripple also operates RippleNet, its own private enterprise payments network distinct from the public XRPL, and issues RLUSD, a USD-pegged stablecoin. Ripple has raised over $321 million in disclosed equity funding, including a $200 million Series C in December 2019 valuing the company at $10 billion; a later buyback of shares was reported at a $15 billion valuation. Ripple has reportedly been expanding institutional trading and treasury infrastructure through recent senior hires.
XRP Ledger governance is validator-based: protocol changes require amendments to be approved through validator voting, needing supermajority support to activate rather than being decided by Ripple alone.
Each server trusts a Unique Node List (UNL) of validators, with 162 total validators recorded and 35 on the default UNL jointly published by Ripple and the independent XRP Ledger Foundation. There is no token-based staking or voting by XRP holders. A current example is the proposed native XRPL Lending feature, which as of 2026-08-31 had validator support below 40%, short of the activation threshold.
As of 2026-08-31, XRPL validators are voting on a native on-chain lending feature (XRPL Lending) enabling on-ledger credit, with support reported below 40%, short of the activation threshold.
Ripple has announced a post-quantum cryptography migration plan for the XRP Ledger ahead of a potential Q-Day, including new signature schemes and hybrid testing. Following the November 2025 launch of US spot XRP ETFs from issuers including Canary, Bitwise, Franklin Templeton, 21Shares, and CoinShares, Ripple has also been expanding institutional infrastructure, reportedly hiring a senior London Metal Exchange treasury executive to support trading, tokenization, and treasury operations.
XRP Ledger security assessments include a Trail of Bits review of Ripple's XRP Ledger Confidential Transfer feature in April 2026 and peer-reviewed academic research analyzing the consensus protocol's fault tolerance.
A 2026 simulation study found consensus resilience degrades when a portion of trusted validator nodes is removed, alongside a proposed mitigating adjustment. Ripple has also proactively announced post-quantum cryptography preparations for the ledger. Structurally, holder concentration is notable: third-party trackers estimate the top 50 wallets, largely Ripple treasury and exchange custodial addresses, hold roughly 43-45% of circulating supply.