What is the XRPL in Ripple?

First, XRPL is short for the XRP Ledger.

Also, we won't go into details about what XRP is for now.

Thus far, the SEC thinks XRP is a security under the U.S. Federal Laws. But since its lawyers appear to be losing, we shall consider XRP a utility in this explainer.

So, the XRPL—what the heck is it?

We know Ripple Labs, the creators, built a differentiated solution that adopts a unique, energy-efficient blockchain network.

The overarching goal was to launch a payment system for banks to send funds with guarantees of immediate settlement easily.

This network was the XRPL.

Its sole purpose was for payment. Therefore, we can describe the XRPL as a payments platform and the home of XRP. 

Since it is a blockchain, the XRPL is decentralized without a central leader. Powering the XRPL are validators. Anyone can be a validator. Once they have made up their minds, they can plug their nodes into the public XRPL, enabling the flow of funds.

By this, XRPL validators are central in processing the conversion of currencies, with XRP acting as the bridge.

The XRPL is central to Ripple's grand plans of building the Internet of Value (IoV)—a global web allowing for the instantaneous and trustless flow of value (funds).