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Earlier today Ripple (XRP) became the third-biggest cryptocurrency in the world but it has now fallen back to being the fourth largest, according to CoinMarketCap. A price chart, from CoinMarketCap, shows that one Ripple token was worth about $1.15 at 10.44am and the market cap was almost $44billion at the same time. But the latest price show the currency has dipped again and is now valued at just more than $0.75 (accurate as of 2.35pm). Ripple has more than quadrupled its price since Monday December 18 and its has increased in value by an eye-watering 1,783 per cent since the start of the year.

Bitcoin, the world’s best-known cryptocurrency, has slumped by more than 30 per cent over five days since reaching an all-time high of almost $20,000 on Sunday. Trevor Koverko, CEO of blockchain platform Polymath, believes investors are choosing to back Ripple because they are “comfortable” with the brand. "People feel comfortable with its name and the technology behind Ripple,” he told Forbes. "A lot of people are beginning to realise how big of an opportunity there is between business and the blockchain...and that's making Ripple the early winner here."

COINMARKETCAP Ripple price graph: Ripple reached about $1.15 earlier today

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What is Ripple? Founded in 2012, Ripple is a cryptocurrency which is also known for its digital payments service. Ripple aims to help banks and businesses seamlessly send money all over the world.

People feel comfortable with its name and the technology behind Ripple Trevor Koverko, CEO of blockchain platform Polymath

“Today the world sends more than $155 trillion across borders,” its website says. “Yet, the underlying infrastructure is dated and flawed. “Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally.” The Ripple Network allows transactions to be processed and completed in seconds, where a standard bank might take days. The service also charges an extremely low transaction fee for cross-border payments (0.00001XRP) compared to banks.

RIPPLE / GETTY Ripple price: The cryptocurrency was the only cryptocurrency to rise over the past week