XRP is a pre-mined cryptocurrency created by the company Ripple. Originally named OpenCoin in 2012 by co-founders Chris Larsen and Jed McCaleb, Ripple Labs was later rebranded Ripple in 2015 and was the creator of the XRP Ledger. The XRP Ledger employs the native cryptocurrency known as XRP. XRP has its own ledger independent of any business, including Ripple. XRP currently processes 1,500 transactions per second (TPS). While Ripple technology is used by financial institutions to handle cross-border payments, it does not control XRP.