The XRP Ledger is a platform released by Ripple Labs in 2012 designed to support fast, inexpensive and secure global financial transactions. Its network is called the XRP Ledger and the currency used on this network is XRP.
Unlike other cryptocurrencies, XRP transactions are not confirmed by the network. Instead, transactions are validated by nodes using a consensus algorithm. It takes approximately 3-5 seconds for a transaction to be validated on the XRP Ledger. Fees are based on the amount of traffic on the XRP Ledger and not on the amount being sent.
The XRP Ledger requires a base reserve amount of 20 XRP for every address on the XRP ledger. This amount cannot be sent to other addresses in the XRP Ledger and is required to prevent any issues due to the malicious usage of the network.