My understanding of Ripple is that XRP is not being touted as a currency (with no plans currently), but that it is used in transactions such that all other items of value can be denominated in XRPs, to facilitate exchange. In addition since there is a ledger protocol, it can process the types of transactions already being used by the banking industry while using XRPs to facilitate (if this understanding is wrong, please elucidate).
But if you had to evaluate XRP only as a currency, whether or not that's how the founders intend it, how does it compare to others, eg bitcoin and ether (in terms of security, speed, etc)? I don't know if any merchants accept it as payment now, but is it plausible in the future? Supposedly transactions occur more quickly than some of the others? I realize that since it is not decentralized, more currency could always be created, but it would not be to their interest to do so, now or in the future. However, is that a security concern, that someone could hack it and increase its circulation (unlike bitcoin or ether, which would require massive mining power)?
It doesn't matter what people want to do with it. It is not and cannot be a currency. Ever. This is in the code and the regulations that they must adhere to. When you have a personal ripple wallet you are monitored by FinCEN and are subject to their laws.
