Litecoin is #2 but when you click the bottom link "Looking for Ripple?", Ripple is #2.
Ripple/Opencoin has 10x the market cap of Litecoin:
http://coinmarketcap.com/ripple.html
But Ripple isn't a typical open source "crypto-currency". It's well financed and backed by big SF investors with the intention of making the founders/investors money, instead of miners, as the currency scales in price.