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The digital currency, known as XRP, is currently trading a staggering $8billion (£5.7billion) more than its lowest point yesterday. Ripple’s market capitalisation now sits at north of $53billion (£38billion), though this is still far below its January 4 high of $148.8billion (£105.7billion). Rivals bitcoin and Ethereum also shot up this afternoon, as the top-100 cryptos all experienced a welcome period of growth. But Ripple has suffered a rocky start to 2018. After peaking at $3.84 earlier this month, it plummeted to well below $1 last week. Read more: RIPPLE PRICE LIVE UPDATES

Experts blamed the crash on uncertainty surrounding the South Korean market, where the government is planning to ban the use of anonymous bank accounts to make transactions. Joe DiPasquale, CEO of BitBull Capital, argued that this uncertainty has put investors off purchasing Ripple tokens. He said: “With the massive dip we saw last week, it’s likely that investors who were shaken by the volatility – but smart enough not to sell at the bottom – are simply taking their profits while they can, or pulling out while they’re breaking even.” Meanwhile, Colin Plume, president of Noble Alternative Investments, said Ripple will continue to swing up and down until its recent high-profile partnerships come into effect.

COINMARKETCAP Ripple price chart: XRP has undergone a price surge this afternoon

Cryptocurrency price: A year in charts Mon, March 12, 2018 Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year Play slideshow coindesk.com 1 of 10 LiteCoin is going down with the market dip

He explained to Forbes: “Ripple has not recovered in short-term pricing since Coinbase dispelled the rumours that it was going to be the next coin on the platform.

Ripple will continue to be a volatile coin until the effects of the MoneyGram partnership are established Colin Plume, president of Noble Alternative Investments

“In a normal market this coin would have stabilised with the announcement of the partnership with MoneyGram. “Ripple will continue to be a volatile coin until the effects of the MoneyGram partnership are established.” Ripple stepped further into the mainstream earlier this month when it made the MoneyGram announcement. The money transfer giant is keen to test Ripple’s speedy service for sending cash across borders.

COINRANKING Ripple price: XRP has struggled to maintain its growth this month

RIPPLE / GETTY Ripple price news: XRP is up about $8billion on its low yesterday