Ripple has more than doubled in price since Monday, overtaking Litecoin (LTC/USD) as the fourth-largest cryptocurrency, Business Insider reported.
Twenty-four hours ago, the price of Ripple (XRP) was $0.27. Earlier this morning it hit $0.51—an increase of 84 percent. It now has a market cap of $18.64 billion.
"I think a lot of this is simply the market better understanding the realities of digital assets performance (speed, throughput etc)," Ripple CEO Brad Garlinghouse told Business Insider.
"There is - appropriately - a lot of excitement about the potential, but XRP is very uniquely positioned to actually be able to deliver on the promise."
Litecoin has been shoved to fifth place in terms of cryptocurrency market cap, according to coinmarketcap.com. It has gained 122% this week.