Ripple xrp hits a file excessive and is now up nearly a hundred and twenty percentage in per week ripple xrp hits a document high and is now up nearly 120 percent in per week
Ripple, the world's 2d-largest cryptocurrency by way of fee, hit a document excessive on wednesday as its robust rally maintains.

The virtual coin jumped 29 percentage to an all-time excessive of $three.20 in afternoon trading, in line with coinmarketcap. Ripple, or xrp, now has a market capitalization of $122.7 billion and stays solidly in second place to bitcoin, which has a market price of about $251 billion, the website showed.

Ripple 12-month performance

What is ripple?

Unlike bitcoin, Ripple is a company that has created coin known as XRP that is aimed at enterprises.

Ripple markets itself as a cross-border payments solution for large financial institutions based on blockchain technology.

Currently, an international payment may take a few days to complete, and at a high cost. A headache for banks is high-volume, but low-value, transactions — the kind that Facebook might pay out to app makers, for example. These can often be expensive and unprofitable for banks because it takes a lot of effort to move the money and the percentage cut won't be as high as for a larger transaction.

Ripple is trying to solve this problem via its technology. XRP can be used by enterprises to get instant liquidity needed in a high-value transaction, without having to pay fees.

XRP acts as a bridge between fiat currencies during a transaction. Ripple said transactions in XRP can be settled in four seconds, faster than any major cryptocurrency right now.

Why is it rallying?

Ripple has been conducting trials with a number of financial institutions, including American Express and Santander.

Its price was also helped by news in December that Japan's SBI Holdings and SBI Ripple Asia, which was formed as a partnership between the two firms in 2016, created a consortium with Japanese credit card companies to utilize blockchain.

Blockchain is the technology that underpins cryptocurrencies, including Ripple.

There is also a sense that investors are looking at alternative digital tokens beyond bitcoin. Bitcoin's dominance of the cryptocurrency market hit its lowest level ever on Tuesday.