A recent study conducted by the Hong Kong City University has revealed that XRP has quickly become Japan’s favorite cryptocurrency, surpassing both Bitcoin and Ethereum. This digital currency, closely tied to Ripple, has not only shown significant trading volumes but has also begun to redefine the Japanese cryptocurrency landscape.
XRP takes the lead!
In February, a significant shift took place in the Japanese crypto market. XRP emerged as the leader, with an impressive trading volume of 1.36 billion units. This increase can be attributed to Ripple’s strategic partnership with SBI Holdings, Japan’s largest venture capital fund.
Strategic partnerships for victory
Ripple’s strategic alliances have not only strengthened its position in Japan; they have also strengthened the appeal of XRP. There has been a notable development with SBI Remit, a subsidiary of SBI VC Trade, which plans to use XRP for cross-border payments. This step further increases the usability of this digital asset.
It is worth noting that while Bitcoin still has a larger trading volume in yen terms, XRP’s significant increase is undeniable.
Read more: Has Japan adopted cryptocurrency in the same way as the West?
Everyone is Gaga over XRP
BITMAX, a Japan-based exchange, conducted a survey showing that 25% of respondents now consider XRP their favorite cryptocurrency. This rise in popularity can be attributed to the ripple effect of the expansion of global partnerships between major companies and government support for fast and secure cross-border payment transactions.
Furthermore, the survey results show that Bitcoin has a slight lead at 26%, while Ethereum lags significantly behind, with only 9% of respondents favoring Bitcoin as their favorite digital asset. This emerging pattern strongly suggests that Japanese investors are actively expanding their cryptocurrency portfolios.
XRP’s impact is spreading to South Korea
XRP’s influence extends beyond Japan, highlighting its strong presence and consistent trading volumes in South Korea. In fact, it often outperforms Bitcoin on the major South Korean crypto exchanges, making XRP a global player in the cryptocurrency space.
XRP’s rising 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 much bigger than anyone thinks