The XRP Ledger (XRPL) is an open-source blockchain launched in June 2012. Anyone can download the software, run a node, submit transactions or build applications without needing permission from Ripple Labs or any central authority.

The XRPL settles transactions rapidly—typically within 3 to 5 seconds—and supports approximately 1,500 transactions per second using standard hardware. Each transaction costs a fraction of a cent, and these fees are destroyed, gradually reducing the total XRP supply. Energy studies suggest the network uses about 0.0079 kWh per transaction, significantly lower than proof-of-work networks.

Key features include:

• Built-in exchange: Since launch, the XRPL has featured a decentralised exchange enabling direct token-to-token trading via a central-limit order book. An automated-market-maker (AMM) module was added in 2024, providing another on-ledger liquidity option.
• Tokenisation and NFTs: Fungible tokens and NFTs can be created in a single transaction. The XLS-20 standard, activated in October 2022, introduced native NFT support without relying on external smart contracts. This enables real-world asset tokens to settle instantly on-chain, including embedded metadata.
• Decentralised governance: Network changes are proposed as "amendments" and require sustained approval from at least 80% of validators for two weeks before activation. This allows participants sufficient time for testing and rejection if necessary. (The validator approval mechanism is further detailed in the Consensus Protocol section below.)

An active developer community contributes tooling, client software and libraries independently of Ripple, extending the XRPL’s adoption beyond Ripple’s commercial offerings. Collectively, these attributes position the XRPL as a versatile, efficient and low-cost blockchain maintained by an independent validator network.