RIPPLE is one of the largest cryptocurrencies in the world - but after a huge growth in 2017 the value has fluctuated dramatically.

Ripple is valued at £0.43 ($0.56) as of September 21, 2018. Here's the lowdown on the currency.

3 A graphic representation of Ripple XRP coin Credit: Hacked/Ripple

How does Ripple work and are there any risks?

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.

It 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.

3 This graph compares the speed of transactions across different cryptocurrencies Credit: Ripple

In comparison, transactions on Ethereum can take more than two minutes, and on Bitcoin payments can take more than an hour to be processed.

Ripple claimed banks can save an average of $3.76 per payment using their network.

Since XRP only works directly with banks, the budding cryptocurrency is set to focus on developing networks to benefit finance corporations.

Although critics have questioned why the platform now focuses exclusively on banks, because it was launched to help everyday people make global transactions much easier.

But Ripple can be very risky. Its open nature means nodes are vulnerable to attack, which could leave users unable to access their accounts.

Its technology is still in its infancy, so this means Ripple is subject to competition, and innovation.

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Why did the cryptocurrency XRP spike?

Ripple soared by 46 per cent on December 15, 2017, reaching a then-record high of 0.8051.

XRP reputedly gained such a boost in its value because Bitcoin's continued growth has benefited the entire cryptocurrency market.

The currency also enjoyed a surge because of its new partnership with credit card company American Express, who are looking to offer instant block-chain based payments.

Spanish bank Santander are now offering a blockchain-based transfer service for customers in Spain, Poland, Brazil and the UK.

Celebrating the AMEX-Ripple partnership, the company's chief information officer, Marc Gordon said: "American Express has a long history of integrating new technologies.

"This collaboration with Ripple and Santander represents the next step forward on our blockchain journey, evolving the way we move money around the world."

January 2018 proved to be caustic for Cryptocurrencies as many has seen their values dip amid "the biggest bubble in history".

However, in September 2018, XRP’s price rose by up to 100 per cent in a 48 hour period, amid a surge in the cryptocurrency market.

Experts have struggled to explain the dramatic market shift although the introduction of xRapid – a product which speeds up XRP transactions – could be behind the surge.

3 Bitcoin's recent record high boosted the value of the global cryptocurrency market Credit: Getty - Contributor

How to buy XRP

Ripple can be easily purchased using other cryptocurriencies like Bitcoin.

It is available on Bitstamp, where users can purchase them with their local currency.

XRP can be stored in an online wallet like GateHub. This will allow users to make purchases and even send XRP to other Ripple users.

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After creating an account with GateHub, you will need to connect a gateway in order to deposit funds.

Then you will be free to buy XRP on the exchange page.

Because Ripple is still in its infancy, learning from other cryptocurrencies, its always better to use money that you can afford to lose.

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