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What is the price of ripple and how do I buy it – why has XRP spiked and how does the cryptocurrency

The cryptocurrency, which launched in 2012, recently enjoyed a 4300 per cent surge in value

RIPPLE is one of the largest cryptocurrencies in the world but despite its recent growth, it still remains an unfamiliar name to many.

XRP, Ripple's native currency, took the digital currency world by storm, soaring from under $0.01 to over $1 a coin in under a year

How does Ripple work?

Ripple has soared to a striking $2.70 (£1.99) on January 3.

Cryptocurrency acts as a payment network, RippleNet, and a cryptocurrency, Ripple XRP.

The platform makes it easy to transfer almost any currency to almost any other currency in the world in no longer than four seconds.

Currently, Ripple is focused on working with banks and other institutions in a bid to offer an efficient and cost-effective way of sending real-time payments around the world.

Using Ripple, if one wanted to transfer currency directly from China to the USA, they can trade CNY to XRP, (Ripples currency), and then send XRP to the recipient who will have an online Ripple wallet or a bank in the USA. From there, they can trade the XRP back into USD.