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.

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