WHAT IS RIPPLE?
The first thing you should remember is that Ripple is both a platform and a currency (XRP) in the same fashion as Ethereum is the name for the platform that facilitates trades in Ether. The Ripple platform is an open source protocol which is designed to allow fast and cheap transactions.
According to its website , the goal of the Ripple system is to enable people to break free of the “walled gardens” of financial networks like credit cards, banks, PayPal, and other institutions that restrict access with fees, charges for currency exchanges and processing delays.
Like other cryptocurrencies, Ripple is built around the idea of a distributed ledger network which requires various parties to participate in validating transactions, rather than any singular centralized authority. That facilitates the ability to make transactions all over the world, with an added benefit of transfer fees being far cheaper than the likes of Bitcoin. Unlike other cryptocurrencies, XRP transfers are effectively immediate, requiring no typical confirmation time.