Also called OpenCoin, XRP is used by some financial institutions — like Axis Bank and Yes Bank — to transfer payments across borders faster and cheaper than existing systems, like NEFT, RTGS, or the most commonly used SWIFT.
Ripple is the name of the blockchain network, and XRP is the name of the coin. While being one of the biggest cryptocurrencies in the market, XRP has attracted scrutiny from the Securities and Exchange Commission (SEC) due to its impact on fiat currencies.
The ongoing case will determine whether XRP is an ‘investment contract’ — and thus a security — under US securities laws. The ruling may set the standard for how XRP is treated in other parts of the world as well.