XRP, the cryptocurrency commonly referred to as Ripple, surged as much as 22 percent, taking its one-week increase to more than 75 percent. The Bloomberg Galaxy Crypto Index jumped 8.7 percent, heading for its biggest one-day gain since mid-July.

Ripple may launch a service that will use the digital currency “in the next month or so,” one of Ripple’s executives told CNBC on Monday. Called xRapid, the service lets financial companies such as payment providers speed up money transfers into emerging markets using XRP, which is an independent digital asset. A Ripple spokeswoman said Thursday that there isn’t an official commercial release timeline at this point.