XRP has emerged as the preferred cryptocurrency over Bitcoin and Ethereum in Japan, according to a study conducted by the City University of Hong Kong. The digital currency associated with Ripple has surpassed its competitors, showcasing significant trading volumes and reshaping the country’s crypto landscape.
XRP Takes the Lead in Japan’s Crypto Market with 1.36 billion units in Trading Volume
In February, a significant shift occurred in Japan’s crypto market, XRP emerged as the frontrunner, boasting an impressive trading volume of 1.36 billion units. This surge can be attributed to Ripple’s strategic partnership with SBI Holdings, Japan’s largest venture capital fund.
In the meantime, Ripple’s partnerships have not only strengthened its presence in Japan but also bolstered the appeal of XRP. An exciting development arises with SBI Remit, a subsidiary of SBI VC Trade, planning to utilize XRP for cross-border payments. This move further enhances the utility of this digital asset.
Although it’s essential to note that Bitcoin still commands a larger trading volume in yen terms, XRP’s significant rise is undeniable.
Japanese Investors Embrace XRP’s Over Bitcoin
BITMAX, a Japan-based exchange, conducted a survey revealing that 25% of respondents now regard XRP as their preferred cryptocurrency. This surge in popularity can be attributed to the ripple effect of expanding global partnerships among major corporations and government endorsements for its swift and secure cross-border payment transactions.
In addition, the survey results reveal that Bitcoin has a slight lead at 26%, whereas Ethereum significantly trails behind with only 9% of respondents favoring it as their preferred digital asset. This emerging pattern strongly suggests that Japanese investors are actively expanding their cryptocurrency portfolios.
XRP’s Impact Extends to South Korea
XRP’s influence goes beyond Japan, highlighting its strong presence and consistent trading volumes in South Korea. In fact, it often outperforms Bitcoin on major South Korean crypto exchanges, solidifying XRP as a global player in the cryptocurrency arena.
XRP’s surging trading volumes and growing favor among investors are reshaping the cryptocurrency landscape by challenging the established dominance of Bitcoin and Ethereum.