Why has the cryptocurrency XRP spiked?

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

It has now increased to a striking $3.81 (£2.81) on January 4 marking a 38% rise on the previous day.

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

The global market is currently valued at around $488billion, Bitcoin accounts for less than 40 per cent of the daily turnover and Ripple accounts for a minor 4 per cent.

But experts believe it will enjoy a larger boost in value in 2018.

XRP 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.

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.

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