Recent data from SBI VC Trade, one of the largest cryptocurrency exchanges in Japan, revealed that Ripple (XRP) has surpassed Ethereum (ETH) to become the second most traded cryptocurrency among Japanese investors, only behind Bitcoin (BTC). Solana (SOL) and Dogecoin (DOGE) occupy the fourth and fifth positions respectively. However, while Ethereum, Polkadot (DOT), Cardano (ADA), Tezos (XTZ), and Solana qualify for the staking program, Ripple was not selected.
An important factor in the success of XRP in Japan is the long-term partnership with SBI Holdings, a major financial group in Japan. In 2016, Ripple and SBI Holdings partnered to establish SBI Ripple Asia to provide blockchain-based currency solutions for Asia. Their collaboration became closer in 2019 when Yoshitaka Kitao, CEO of SBI, joined Ripple's board of directors. Further fueling the fire, the Bank of Japan (BOJ) has recently taken steps to adopt XRP for cross-border payments.
Meanwhile, Japan's Financial Services Agency (FSA) brought further confidence to the market. In 2021, the regulator officially clarified that XRP is not considered a security. This tough stance is in stark contrast to the legal hurdles Ripple is facing in the United States with the SEC. Thanks to this regulatory environment, institutions and everyday investors are much more willing to accept XRP across Japan.
One factor that makes XRP attractive is that it is pre-mined, with a fixed total supply of 100 billion tokens, unlike Ethereum. Additionally, XRP offers lower transaction costs, faster settlement times, and is much less energy-intensive than Bitcoin.
CNF recently reported that e-commerce giant Mercari is running Mercoin, officially listing XRP in its trading service, making it the third-largest cryptocurrency after Ethereum and Bitcoin. With more than 20 million monthly users on Mercari, XRP users will grow even higher.
XRP ETF set to drive adoption
In another development, the U.S. Securities and Exchange Commission (SEC) recently approved ProShares to launch its first XRP (ETF) Exchange-Traded Fund, while XRP ETF filings from Franklin Templeton, Bitwise, and 21Shares have yet to be approved by the SEC. A regulated XRP ETF will assist in providing a simpler means for institutional investors to invest in XRP. Also, on May 19, the Chicago Mercantile Exchange will officially open XRP futures
The price of XRP is currently at $2.30, which is 3.45% higher than the last 24 hours and $7.28 compared to the last 7 days. Analysts are eyeing a $3 target as the token benefits from global adoption. Crypto analyst Ali Martinez also noted that XRP appears to be breaking out of the head-and-shoulders pattern, with a potential upside target between $2.70 and $2.90.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
$XRP Surpasses Ethereum to Become the Most Traded Altcoin in Japan
Recent data from SBI VC Trade, one of the largest cryptocurrency exchanges in Japan, revealed that Ripple (XRP) has surpassed Ethereum (ETH) to become the second most traded cryptocurrency among Japanese investors, only behind Bitcoin (BTC). Solana (SOL) and Dogecoin (DOGE) occupy the fourth and fifth positions respectively. However, while Ethereum, Polkadot (DOT), Cardano (ADA), Tezos (XTZ), and Solana qualify for the staking program, Ripple was not selected. An important factor in the success of XRP in Japan is the long-term partnership with SBI Holdings, a major financial group in Japan. In 2016, Ripple and SBI Holdings partnered to establish SBI Ripple Asia to provide blockchain-based currency solutions for Asia. Their collaboration became closer in 2019 when Yoshitaka Kitao, CEO of SBI, joined Ripple's board of directors. Further fueling the fire, the Bank of Japan (BOJ) has recently taken steps to adopt XRP for cross-border payments. Meanwhile, Japan's Financial Services Agency (FSA) brought further confidence to the market. In 2021, the regulator officially clarified that XRP is not considered a security. This tough stance is in stark contrast to the legal hurdles Ripple is facing in the United States with the SEC. Thanks to this regulatory environment, institutions and everyday investors are much more willing to accept XRP across Japan. One factor that makes XRP attractive is that it is pre-mined, with a fixed total supply of 100 billion tokens, unlike Ethereum. Additionally, XRP offers lower transaction costs, faster settlement times, and is much less energy-intensive than Bitcoin. CNF recently reported that e-commerce giant Mercari is running Mercoin, officially listing XRP in its trading service, making it the third-largest cryptocurrency after Ethereum and Bitcoin. With more than 20 million monthly users on Mercari, XRP users will grow even higher. XRP ETF set to drive adoption In another development, the U.S. Securities and Exchange Commission (SEC) recently approved ProShares to launch its first XRP (ETF) Exchange-Traded Fund, while XRP ETF filings from Franklin Templeton, Bitwise, and 21Shares have yet to be approved by the SEC. A regulated XRP ETF will assist in providing a simpler means for institutional investors to invest in XRP. Also, on May 19, the Chicago Mercantile Exchange will officially open XRP futures The price of XRP is currently at $2.30, which is 3.45% higher than the last 24 hours and $7.28 compared to the last 7 days. Analysts are eyeing a $3 target as the token benefits from global adoption. Crypto analyst Ali Martinez also noted that XRP appears to be breaking out of the head-and-shoulders pattern, with a potential upside target between $2.70 and $2.90.