Are there any major differences between this and XRP?
Stellar is trying to be Ripple with the evil taken out, i.e. much better distribution, a democratic process with voting on the use of newly generated coins, and an emphasis on regular users and community projects (whereas Ripple's emphasis is firmly on integration with financial institutions like banks).
Edit: Also run by a non-profit foundation rather than as a business.
Very well stated. Given that the Ripple Protocol is impressive tech and much of the Ripple hatred is RL related - I have high hopes for this project.