There are three sources of value in Ripple:
Holding in XRP
The first and key element is Ripple's 57% holding in the crypto currency XRP, for a total value today of approximately $12bn, the majority of which is currently placed in escrow.
How you view the future value of XRP plays a large part in how you value Ripple. Yesterday's price of 0.21 XRP:USD is broadly in line with the average price for 2017. 2018 saw the crypto bubble pull the XRP price up to 0.67 to the dollar. In 2019, the average price was back down to 0.31.
Underlying operating business
Ripple has two key products, RippleNet (a messaging service that doesn't use XRP) and On-demand liquidity (ODL) - its solution that uses XRP as a middle currency in cross-border transactions. MoneyGram, in which Ripple has invested $50m, is the largest known user of XRP. The USD/MXN corridor is Ripple's most developed corridor. Latest reported estimates show that the crypto exchange Bitso, also backed by Ripple, is processing approximately 2.5% of the total USD to Mexico flow.
Ripple has made a number of investments either directly (MoneyGram, Bitso) or via its developer initiative Xpring. While only the amount of $50m invested in MoneyGram was made public, these investments are currently a rounding error in Ripple's valuation and are mostly aimed at onboarding customers to help drive remittance flows via XRP.
Overall, the big unknown is how much of XRP's value is reliant on the success of Ripple's products and its investments. Right now, it's too early to tell.