"Ripple" could refer to the company, the network, the protocol, or the token.

XRP is definitely not a stablecoin, and I don't think anyone intended it to be a store of value either; if I recall correctly¹, it's supposed to be deflationary, although so much of the supply is held by the company and people affiliated with it, that considering it a store-of-value is foolish. The only reason to hold the XRP token is if you'll need it for network fees.

Ripple the network was originally designed to support minting IOUs in various arbitrary currencies, so I can see how someone oversimplifying the general crypto space would misinterpret them as a stablecoin company. They've taken a more active role providing a stablecoin although I don't think it's their main purpose. Anyway, I'm guessing those investors are just diversifying their holdings, and Ripple (the company) seems more similar to the legacy finance industry and thus more familiar to their worldview.