Ripple soars 160% in 1 week, but it's hard to buy

Although ripple is the world's second-largest cryptocurrency by market value, it's not listed on Coinbase, the No. 1 exchange platform for crytpocurrencies. But, the digital coin hit a record high Wednesday and continues to rally, CNBC reports.

Ripple is a non-minable digital currency, meaning no new coins are introduced to the project. It's marketed as a way to enable "banks to settle cross-border (global) payments in real time, with end-to-end transparency and at lower costs," a previously timely, tedious task. Ripple transactions can be completed in just four seconds, according to the company

As of Jan. 3 at 11:51 a.m., ripple, or XRP, had a market capitalization of $116.7 billion and a value of $3.01, according to Coin Market Cap. This value is up from $0.26 one month prior, a nearly 1057.7 percent increase. More notable is ripple's climb in one week: the cryptocurrency jumped to its current rate from $1.17, representing a 157 percent increase.

The digital coin is making waves as it conducts trials with financial institutions around the globe — including American Express and Santander — which is feeding its rally, according to CNBC.

But ripple's commotion doesn't come without a catch — ripple is difficult to buy or invest in on exchanges. That's because it's not yet available on popular apps, like Coinbase, and many platforms require users to purchase ripple with other cryptocurrencies, such as bitcoin or ether, as opposed to the U.S. dollar, CNBC reports separately.

Click here to learn more about ripple and six other major types of cryptocurrencies.

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