The goal of Ripple, the company is to improve cross-border money transfers by reducing cost, transaction fees and time. Anyone who has used Western Union or SWIFT to send money know the pains involved in doing something as simple as sending money internationally. For starters, it can take anywhere between 2-5 days for the money to clear and the costs associated with the transfer are ridiculous considering how normal and everyday the activity actually is.
Enter Ripple and their vision to become the system that the banks and finance institutions use to transfer money from one country to another. So rather than be a consumer facing currency, like Bitcoin, their cryptocurrency, XRP, would be used bank banks to transfer money. The bank would change currency 1 to XRP on the sender side. This volume of XRP would be sent to the receiving-side bank, which would then convert it to currency 2. The movement of XRP between banks in different countries would take seconds rather than 5 days – and that is how Ripple wants to change the world, using XRP.