XRP More Popular than Ethereum in Japan
Recent data indicates that XRP is significantly more popular among Japanese investors than Ethereum (ETH). XRP accounts for 18% of the tokens stored on Japanese exchanges. Ethereum (ETH), with a market share of 14.4%, is in third place.
Bitcoin ranks first with a 65 percent stake in the exchange’s total holdings. The market share of the top cryptocurrency has increased significantly over the last few years despite the rise of altcoins.
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The popularity of XRP is not surprising considering how well-established Ripple has been in Japan for a long time. In 2016, the Japanese financial giant SBI partnered with Ripple to introduce SBI Ripple Asia, a new cryptocurrency venture.
Brad Garlinghouse, the CEO of Ripple, has frequently hailed Japan as one of the most crypto-friendly countries. In 2021, amidst Ripple’s legal dispute with the SEC in the US, Japan’s financial regulatory watchdog clarified that XRP was not a security.
SBI Group has also consented to use XRP Ledger first for the Japanese market. South Korea renowned for its preference for altcoins, has also seen a notable increase in interest in XRP.
South Korea was the main driver of the enormous XRP rally that occurred in the fourth quarter of the year.
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