Ripple cryptocurrency hits a record high above $3, gains more than 49,500% in last 12 months

Ripple, the world's second-largest cryptocurrency by value, hit a record high on Wednesday as its strong rally continues.

The digital coin jumped 29 percent to an all-time high of USD 3.20 in afternoon trading, according to CoinMarketCap. Ripple, or XRP, now has a market capitalisation of USD 122.7 billion and remains solidly in second place to bitcoin, which has a market value of about USD 251 billion, the website showed.

The website showed ripple has gained more than 49,500 percent over the last 12 months, and more than 160 percent over the last week.