The cryptocurrency market has experienced a dramatic surge, with bitcoin, ether (ethereum) and XRP rising in price by between 5 per cent and 100 per cent over the last 48 hours. XRP – the digital asset of US tech firm Ripple – saw the biggest gains, doubling in price since Wednesday to rise above $0.50 for the first time since June. The world's third most valuable cryptocurrency is notoriously prone to rapid price rises and falls, peaking above $3.80 in January before a sudden crash.