The Ripple price (XRP/USD) has edged closer to the $1.30 level after gaining more than 9% in the past 24 hours.

The fourth-largest cryptocurrency on the market saw a sudden price jump toward the end of yesterday’s trading, which allowed it to finish the day at $1.19, up from the session’s opening level of $1.12. The coin spiked again in the early hours of today’s session, hitting an intraday high of $1.29. According to data from cryptocurrency tracker Coinmarketcap, the Ripple price is currently hovering around $1.25.

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The cryptocurrency has seen a significant improvement in market activity, with its 24-hour trading volume currently standing at nearly $1.6 billion. Nearly a third of that volume has been generated on South Korea’s largest cryptocurrency exchange Bithumb, where prices have surged above $1.40. Bithumb’s local rivals Coinone and Korbit have experienced similar price action in today’s trading.

While Ripple’s popularity has grown rapidly in South Korea, the digital coin has seen global demand rising significantly, as well. As Ripple announced last week, the XRP token has gone from being listed on six exchanges earlier this year to more than 50 worldwide, which has made the coin much more accessible to investors.

In today’s trading, the Ripple price stood at $1.23, as of 10:45 GMT. The cryptocurrency has gained 9.8% in the past 24 hours, according to Coinmarketcap. The coin’s total market capitalisation currently stands at $47.7 billion, which makes it the fourth-largest digital currency.

For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.