Ripple was trading at $1.10 as of 14:34 GMT on Thursday with a market cap of $42 billion, according to data from CoinMarketCap. The cryptocurrency was worth just over 0.006 cents in January.
The rally in the relatively cheap virtual currency followed several months of sideways trading. Ripple started its upward move a week ago on positive news for the banking-oriented cryptocurrency. The surge was also triggered by a general increase in prices among rival altcoins with investors searching to move funds away from an overstretched and declining bitcoin.
Rumors that ripple may appear on Coinbase in 2018 reportedly fueled the price rise with the currency expected to cost a few dollars or more next year if widely used as a digital asset.
Moreover, financial institutions such as Standard Chartered and Axis Bank announced a new cross-border payment platform built on top of technology developed by ripple. The platform connects corporates in Singapore and India.
American Express introduced instant blockchain-based payments using ripple for US corporate clients sending funds to UK-based businesses which bank with the British branch of Santander. At the same time, Michael Arrington’s $100 million cryptocurrency hedge fund will be reportedly valued in ripple’s XRP.