Definition of Ripple
Ripple is a financial intermediary or a payment protocol in a network for any currency, including fiat/cryptocurrency or any other. The ultimate goal of this is to make transactions easy in a network with a trustworthy gateway without any discrimination.
Brief Explanation of Ripple
In a blockchain-based distributed network, a ripple system work to enable a fast-moving and secure financial transaction without any charge. Its gateway work as a link between two entities in a blockchain network for those who want to make transactions of funds with each other. It receives and sends currencies to a given network address of entities. The payment protocol is available for everyone who can avail of this trusty gateway financial intermediary services by registering themselves in a system that transfers the money to a network without any chargebacks.
Many different companies use this decentralized network in conjunction with financial payment protocols. Banks and other financial institutions are increasingly using it.