|XRP is the cryptocurrency for Ripple, which is a real-time gross settlement system, currency exchange, and remittance network created by Ripple Labs Inc., a US-based technology company. Released in 2012, Ripple is built upon a distributed open-source protocol and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes. Ripple purports to enable "secure, instantly and nearly free global financial transactions of any size with no chargebacks." The ledger employs the native cryptocurrency known as XRP.|
XRP name appears to come from Currency naming standards. Since it's not a currency it starts with an "X" and the "RP" is short for Ripple.
In December 2020, Ripple Labs and two of its executives were sued by the U.S. Securities and Exchange Commission (SEC) for selling XRP tokens, which the SEC classified as unregistered securities.1
1. Wikipedia - https://en.wikipedia.org/wiki/Ripple_(payment_protocol)