In a significant shift within Japan’s cryptocurrency market, XRP has claimed the title of the most traded altcoin, surpassing Ethereum. Recent figures from SBI Group, a major cryptocurrency exchange in Japan, reveal that the trading volume of the XRP/JPY pair outdid that of ETH/JPY last month, a clear testament to XRP’s growing popularity among Japanese traders.
What’s Driving XRP’s Popularity in Japan?
Japanese banks are undergoing a notable transformation, with reports suggesting that approximately 80% are gearing up to integrate XRP into their systems this year. This proactive approach underscores the increasing significance of XRP in the nation’s financial ecosystem.
How Did XRP Rise to Prominence?
The data from SBI VC Trade indicates that XRP’s trading volume is substantially higher than that of Ethereum, with Solana and Dogecoin following in the ranks. This shift in trading patterns illustrates a marked change in the preferences of Japanese investors.
Ripple’s establishment of strategic alliances with local banks and large enterprises has been crucial to this success, positioning XRP as a trusted asset in the region.
SBI Group’s CEO, Yoshitaka Kitao, has been vocal in promoting XRP, emphasizing its advantages for international transfers while heaping criticism on Bitcoin for lacking “intrinsic value.” He asserts that the integration of XRP into everyday transactions is vital for its sustained success.
Furthermore, XRP’s accessibility has been enhanced through platforms like Mercoin, a popular shopping app in Japan. This app has introduced XRP to a wider audience, including many first-time cryptocurrency buyers, thus expanding its user base. Emi Yoshikawa, a former Ripple executive, highlighted that a substantial segment of Mercoin users comprises newcomers eager to explore cryptocurrency investments.
- XRP surpasses Ethereum in trading volume in Japan.
- About 80% of Japanese banks are preparing for XRP integration.
- Ripple’s strategic partnerships have bolstered XRP’s market presence.
- SBI Group’s CEO advocates for XRP’s practical uses in finance.
- Mercoin app enhances XRP’s visibility among new users.
As the momentum builds, XRP’s rising dominance could redefine the landscape of altcoins in Japan, signaling a pivotal shift not just for the cryptocurrency itself but for the entire market as it adapts to changing investor sentiments.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/xrp-overtakes-ethereum-in-japans-altcoin-scene