Officially called XRP, ripple climbed 55.9 percent to a record high of $2.23 Friday afternoon, according to CoinMarketCap.
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Earlier, the two cryptocurrencies vied for the second-place spot as prices fluctuated in morning trading. Bitcoin remains the largest digital currency by far.
Ripple is up more than 34,700 percent this year. Ethereum rose about 2 percent to $753.57 Friday afternoon, with a market cap of about $72.8 billion, according to CoinMarketCap.
Bitcoin traded slightly higher, near $14,475, according to Coinbase. Ripple is officially the name of a San Francisco-based start-up using blockchain technology to develop a payments network for banks, digital asset exchanges and other financial institutions.
Network participants use a digital coin called XRP for transactions. The cryptocurrency has a four-second settlement time, versus more than two minutes for ethereum and over an hour for bitcoin, according to Ripple’s website.
The company said more than 100 financial institutions use its network. In the last few weeks, some South Korean and Japanese banks have been testing Ripple’s systems for cross-border payments, according to the company.
The start-up owns 61 percent of the 100 billion XRP in existence. At Friday’s record high prices, that gives Ripple about $136 billion worth of the digital currency.
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