sorry but you haven't really explained much about ripple to be honest, your question was "What is Ripple?" maybe it should have been "What makes Ripple different to all other tokens?" if you classifying crypto currency as "money" then your explanation of

It allows money to be exchanged between individuals regardless of their locations or their banks.

would apply to pretty much all cryptocurrencies available today, because each and every one of them allow for the transfer between one party to another regardless of location or bank.

So I'd like to know what in your opinion (because I have a good idea already) makes XRP or Ripple different exactly? thanks. I've updated your post because I'd like to see a conversation come up on this subject if anyone else would like to chip in here. :)