A recent study conducted by the City University of Hong Kong has revealed that XRP has swiftly become Japan’s preferred cryptocurrency, outpacing both Bitcoin and Ethereum. This digital currency, closely associated with Ripple, has not only showcased significant trading volumes but has also begun to redefine Japan’s cryptocurrency landscape.
XRP Takes the Lead!
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.
Strategic Partnerships for the Win
Ripple’s strategic alliances haven’t just strengthened its foothold in Japan; they have also bolstered the allure of XRP. A noteworthy development has arisen 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.
It’s worth noting that while Bitcoin still maintains a larger trading volume in yen terms, XRP’s significant ascent is undeniable.
Read More: Has Japan Adopted Cryptocurrency the Same Way as the West?
Everyone is Gaga Over XRP
BITMAX, a Japan-based exchange, conducted 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 crypto landscape by challenging the established dominance of Bitcoin and Ethereum.
Read More: Top Reasons Why XRP is About to Become Way Bigger Than Everyone Thinks
