Side-note: Ripple apparently is being called a cryptocurrency because transactions are signed, but from a cursory view it appears that the
consensus algorithm of the ledger requires trusting nodes to not collude:
During consensus, each node evaluates proposals from a specific set of peers, called chosen validators. Chosen validators represent a subset of the network which, when taken collectively, is "trusted" not to collude in an attempt to defraud the node evaluating the proposals. This definition of "trust" does not require that each individual chosen validator is trusted. Rather, validators are chosen based on the expectation they will not collude in a coordinated effort to falsify data relayed to the network.
The lack of this trust requirement is one of BTC's desirable attributes, at least to liberty people. However, it's easy to see why Ripple is supported by banks: they have a place in the XRP ecosystem.
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