- it is explicitly (or at least formerly) not considered a currency
- it is centralized (the company can freeze accounts if it wants, create more coins, or be sued)
- it's major use case is for inter-bank transfers. So if Bank A and Bank B was to exchange currency x for y, they will use XRP in-between. But this gives no value to the currency itself, it is just used as an intermediary. Is it conceivable that Ripple the company will not have enough XRP for these internal bank transfers and they are going to have to buy them back from the public??
So it seems that XRP has no value outside its use by the company Ripple. Is anyone actually using it for commerce or any other reason? It is not considered a store of value like bitcoin (in any case one would want something decentralized.
In fact, Ripple is more viewed as an Internet technology that allows you to make financial transactions. Initially, the company Ripple Labs did not plan to create its own crypto currency, but was aimed at the banking sector - to provide a unique form of payment for banks. The new technology allows for internal settlements, international settlements between banks in a faster form (reducing transaction time), safer and most importantly with a minimum transaction value.