eXtreme Programming (XP) is an agile software development methodology that focuses on rapid software development and delivery through practices like continuous integration, pair programming, and frequent refactoring. It aims to address common software project problems like schedule slips, high defect rates, and changing requirements by having short development cycles, automated testing, and close collaboration between developers and customers. Key XP practices include planning game, small releases, simple design, testing, refactoring, pair programming, and on-site customer involvement. Adopting XP can benefit both developers through better requirements and technical empowerment, and customers through timely delivery of valuable software that can adapt to changes.