A report from the City University of Hong Kong has shed light on XRP’s growing popularity in Japan, as the asset gains increasing interest and adoption among Japanese investors. The report highlights substantial trading volumes of XRP in Japan, surpassing that of Bitcoin.
Notably, XRP’s adoption outshines Ethereum in Japan. The strong support for XRP in the country is attributed to the mutually beneficial partnership between Ripple and SBI Holdings.
The report underscores the significance of Japanese and South Korean markets as key drivers of XRP’s trade volumes and adoption in the region.
XRP Surpasses Bitcoin in Trading Volume in Japan
According to the report, XRP has captured a significant share of the Japanese crypto market, witnessing a staggering 1.36 billion units traded in February. In contrast, Bitcoin witnessed a trading volume of approximately 180 thousand units during the same period.
While XRP traders in Japan outweigh Bitcoin traders in the number of units, Bitcoin still commands a higher yen trading volume. This report showcases XRP’s prominent position in the Japanese crypto market.
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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
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Japanese Investors Show Growing Interest in XRP
A survey conducted by Japan-based exchange BITMAX indicates that XRP has gained favor among Japanese investors.
The survey reveals that 25% of the respondents consider XRP their favorite crypto asset, with Bitcoin leading at 26%. Ethereum trailed behind with only 9% choosing it as their preferred asset. However, given the relatively small sample size of 1,498 respondents, the survey’s outcome should be interpreted with caution.
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The report draws attention to Ripple’s success and strong support in Japan, standing in stark contrast to the legal battles faced in the United States. The partnership between Ripple and SBI Holdings, Japan’s largest venture capital fund, plays a significant role in driving XRP’s adoption and reputation among Japanese investors.
The collaboration has been mutually beneficial, bolstering Ripple’s success in Japan and expanding the appeal of XRP. It is worth noting that SBI Remit, a subsidiary of SBI VC Trade, recently announced plans to leverage XRP for cross-border payments.
XRP’s Presence Extends to South Korea
The report also highlights XRP’s strong presence and trading volumes in South Korea. Often surpassing Bitcoin on leading South Korean crypto exchanges, XRP has gained popularity and market share in the country’s crypto market.
The City University of Hong Kong’s report offers valuable insights into XRP’s popularity and prominence in Japan and South Korea. Despite legal challenges faced in the United States, XRP finds strong support in Japan, with Japanese investors playing a pivotal role in driving its adoption and trading volumes.