XRP gains traction in Japan outpacing Bitcoin and Ethereum

Investing.com  |  Editor Rachael Rajan

Published Sep 14, 2023 12:47PM ET

The digital currency XRP is gaining significant popularity in Japan, even surpassing its standing in the U.S., according to a recent report published by the City University of Hong Kong. The report, released on Thursday, analyzed cryptocurrency trends and volumes within Japan, revealing a marked preference for XRP over other leading cryptocurrencies such as Bitcoin and Ethereum.

In February, Japanese traders exchanged an impressive 1.36 billion units of XRP, significantly higher than the 180 thousand units of Bitcoin traded during the same period. However, when measured in Japanese yen, Bitcoin still maintained a higher trade volume.

The City University of Hong Kong's study also highlighted the contrasting fortunes of XRP in Japan and the U.S. Legal disputes between Ripple, the company behind XRP, and the U.S. Securities and Exchange Commission have somewhat dampened American investors' enthusiasm for the asset.

In contrast, Japan continues to show strong support for Ripple and XRP. The report suggested that Japanese investors have significantly contributed to increasing XRP's price. The robust partnership between Ripple and SBI Holdings, Japan's largest venture capital fund, has played a crucial role in bolstering XRP's standing among Japanese investors. SBI Remit, a subsidiary of SBI VC Trade, recently announced plans to implement cross-border payments using XRP.

Furthermore, the report noted that South Korea also demonstrates a strong affinity for XRP, frequently recording high trade volumes on its leading crypto exchanges, at times even surpassing Bitcoin.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Get The News You Want
Read market moving news with a personalized feed of stocks you care about.
Get The App

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Sign out
Are you sure you want to sign out?
Saving Changes