Though its origin can not thoroughly be understood, it is believed to be the far better version of saying 'True say', 'True dat' or 'True that' and also shares the same meaning. As such, is is:
1. Used to acknowledge a statement said by another.
2. Used to agree with another.
3. Used in any instance where a speech is made with an appropriate level of correctness.
See Also: True dat, True that, True say, Yes.
Jim: Wow, that's a nice television.
Tom: True Speech.
Sam: I really suck at this game.
Tom: True speech, you do suck.
Tom: True Speech, True Speech.