Bitcoin is v2.0 of money - where you control it in a democratic process via mining. Core network rules are embedded in open source code.
Ripple is v1.1 of money - building on top of existing central banks, and fiat money.
I agree with this, and I think this still leaves room for Ripple at least as long as Money 1.0 is still around. I'm not sure if it would remain useful in a Money 2.0 world.