Counters are sequential circuits where the output value increases by one on each clock cycle and wraps around back to zero after reaching the maximum value. Ripple counters are asynchronous counters where the flip-flops are not all connected to the same clock, resulting in a rippling effect where each flip-flop responds one after the other. In ripple counters, the output of one flip-flop triggers the next flip-flop, and the period of the output doubles with each additional flip-flop.