Ripple is a technology which is designed to act as a cryptocurrency and also as a digital payment network for financial networks. It is a pre-mined currency and its ticker symbol is XRP. The cryptocurrency was founded by Chris Larsen and Jed McCaleb in 2012. To help in finalizing financial transactions, Ripple uses a medium called Gateway. The gateway acts as a trust credit intermediary that receives and sends money over the RippleNet network.
XRP currency is used as a bridge to other currencies. It is used for both Fiat and cryptocurrency transactions. Each and every currency in the network uses its own unique gateway. If for example, John wanted to receive Ethereum coins for the services rendered to Kate, Kate can send Australian dollar. John will receive ETH on his end.