Not exactly. XRP is a currency running on a digital payment platform known as RippleNet.
RippleNet is on top of a distributed ledger database called the XRP Ledger. While the company Ripple runs RippleNet, the XRP Ledger is open-source.
Also, it is not based on blockchain but the previously mentioned distributed ledger database.
Ripple created XRP as a speedy, cheaper, and more scalable alternative to other digital assets and existing monetary payment platforms like SWIFT. The global XRP community maintains RippleNet’s ledger.