XRP is the native token of the payment network Ripplenet which is run by the company Ripple. XRP was created as a way of connecting fiat currencies that have no common markets for exchange. Another goal of XRP is to provide a medium for overseas transactions that is both cheap and fast. To validate transactions, XRP needs trusted nodes (which are called Unique Node List as a collective) to reach a consensus and record it in the transaction ledger. Unlike Bitcoin, new XRP coins enter in circulation when Ripple sells them and not through a mining reward system.