The price of XRP, the cryptocurrency of the Ripple network, surged overnight, climbing to its highest total in more than four months.

XRP reached as much as $0.008288 at 16:44 UTC on CoinMarketCap, which represented a roughly 13.7% gain for the session and the highest price since mid-November, data reveals.

In statements, Ripple gateway operator Rafael Olaio noted that he believes the new boom is a result of the ongoing gains observed in the broader digital currency market, a development that has coincided with new volatility in the bitcoin market.

Olaio told CoinDesk:

The operator of a decentralized distributed ledger with its own cryptocurrency (as well as other enterprise products), Ripple provides global solutions for financial settlement. The startup has been enjoying growing visibility lately, raising $55m in September.

Further, in October, a dozen banks announced that they had completed several trials testing XRP's ability to provide liquidity to bank accounts across the world.

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