A report from the City University of Hong Kong has revealed that XRP is more popular in Japan than the U.S. amid growing interest in the asset within the Japanese populace.
Edward Farina, a prominent XRP community figure and Head of Social Adoption for XRP Healthcare, called attention to the report, which analyzed cryptocurrency volumes and trends in Japan.
BOOOOOOOOM !!! 🧨
ASIA loves $XRP
2023 Paper by Department of Economics and Finance of Hong Kong 🇭🇰 conducted a study on Cryptocurrency’s in Japan 🇯🇵 and concluded $XRP is the preferred coin in the country beating up #BTC and #ETH. pic.twitter.com/Z5CCYXeOpq
— EDO FARINA 🅧 XRP (@edward_farina) September 13, 2023
Per the report, XRP captured a substantial share of the Japanese crypto market, with a staggering 1.36 billion units traded last February. Notably, Bitcoin, the premier crypto, witnessed a trading volume of approximately 180 thousand units during the same period.
While the Japanese populace traded more XRP units than Bitcoin, the firstborn crypto still commanded more trade volume in terms of Japanese yen. Remarkably, XRP was the only asset to record volumes that rivaled Bitcoin in the month.
Despite being the second-largest asset by market cap, Ethereum witnesses a lower adoption rate among Japanese investors than XRP.
A survey conducted by Japan-based exchange BITMAX revealed that 25% of the respondents considered XRP their favorite crypto asset. BTC saw the highest rate with 26%. Only 9% chose ETH.
While this survey provides intriguing insights, the report acknowledged that the sample size may render the result inconclusive, given that the survey only considered 1,498 respondents.
However, in December 2019, the Japan Virtual Currency Exchange Association (JVCEA) published results that echoed a familiar tune. XRP ranked as the second most commonly held asset in terms of holdings priced in yen, with BTC taking the lead. ETH settled into the third spot.
Japan Warms up to XRP
The report also highlighted the contrast between XRP’s fortunes in Japan and the U.S. It called attention to the legal battle between Ripple and the U.S. SEC, which has impeded interest in XRP among U.S. investors and dealt a blow to the performance of the asset.
Yet, Japan stands as a stronghold of support for Ripple and XRP. The report also boldly claimed that Japanese investors have played a pivotal role in driving up the price of XRP.
It called attention to the mutually beneficial relationship between Ripple and Japan’s largest venture capital fund, SBI Holdings. The firm has been a critical catalyst for Ripple’s success in Japan.
This strong partnership between SBI Holdings and Ripple has undoubtedly bolstered XRP’s reputation and appeal among Japanese investors. Recently, SBI Remit, a subsidiary of SBI VC Trade, confirmed plans to introduce cross-border payments using XRP.
Japan is not the only Asian country where XRP has a strong presence. South Korea, too, has embraced XRP. The asset often boasts the highest trade volumes on leading South Korean crypto exchanges, occasionally surpassing BTC.