Similar to Bitcoin, XRP also processes transactions in blocks. These blocks are called ledger versions. They contain three components:

1. State data: This contains values such as current account balance and other objects stored in the ledger. For example, Bob's Account Balance: 5 XRP, Alice's Account Balance: 10 XRP.
2. Newly applied transactions: These are the set of transactions that were applied to the previous ledger and hence resulted in the current state (Bob sent $5 USD to Alice, Alice sent 30 XRP to Bob).
3. Metadata: This contains information about the ledger and the preceding parent ledger. It includes values such as the ledger index and the cryptographic hash.