The cryptocurrency of California-based startup Ripple has jumped 1.5 times overnight and overtook Ethereum by market capitalization.

The average exchange rate of Ripple exceeded $1.88, having risen 41% within 24 hours.

While the rest of the cryptocurrency market remains in a bearish trend, with bitcoin fluctuating in the corridor between $13,000 and $15,000, Ripple is showing rapid growth. Since the beginning of the week Ripple has risen in price almost twice.

The market capitalization of Ripple exceeded $71 billion. Thus, the currency overtook Ethereum; the last year consistently ranked as the second cryptocurrency by market cap.

Since the beginning of December, Ripple jumped in price by seven folds. Its rate began to grow on reports about the beginning of cross-border payment system testing between the banks of Japan and South Korea. That system is based on the blockchain of Ripple. The reason for the recent jump in price is the announcement about the establishment of the association of Japanese credit card issuers, which will begin operating in January 2018.

The association included the largest banks in Japan. The aim of the association will be to study the possibilities of using blockchain to monitor transactions of customers' credit cards.