Not Ethereum, Ripple (XRP) Is Second To Bitcoin In Japan, Here’s Why
Ripple XRP News: Not many top cryptocurrencies of the past lived up to expectations while many others have even failed to survive. Amid several waves of FUD and market pressures, only a few cryptocurrencies continued to maintain their pole position in the crypto market over the years. Ripple (XRP) is one of the few cryptocurrencies apart from Bitcoin and Ethereum to have consistently maintained its dominance. Despite the uncertainties around the XRP SEC lawsuit, a strong community stood in support of the cryptocurrency.
Also Read: Huge Shift For Bitcoin Miners With Rise Of Ordinals, On-Chain Data Suggests
The lawsuit is in its final stages, with the court yet to pronounce its summary judgement on the US Securities and Exchange Commission’s (SEC) argument that XRP was sold in the form of unregistered securities. Meanwhile, the XRP community is stronger in some regions than others for a reason, a recent study found.
Ripple (XRP) Popularity In Japan
So far, it was not clearly known why XRP has a strong community base in Japan. The altcoin‘s popularity in the country is on similar levels with that of Bitcoin, trumping Ethereum, which is only third most popular cryptocurrency in Japan. According to a study on Non-Performing Assets Cases and Cryptocurrency in Japan, there are concrete reasons behind the popularity of XRP. The cryptocurrency’s association with Japanese VC firm SBI Holdings is the primary reason behind Ripple’s success in Japan.
The study found XRP was favorite cryptocurrency for 25% of respondents while Bitcoin’s popularity stood at 26%. Ethereum stands as a distant third coin in terms of popularity.
Until recently, Yoshitaka Kitao, the CEO of SBI Holdings, was part of Ripple’s board of directors. SBI’s links with Ripple date back to 2017, which was when XRP became popular in Japan. In fact, SBI’s shareholder benefit in XRP made news in January 2023. The company had offered its shareholders an incentive option of receiving benefits in XRP.
Also Read: Ethereum Shanghai Upgrade To Trigger Massive ETH Price Dump?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Trump Tariff Tensions Ease as U.S. and China Hold Positive Trade Talks Ahead of Oct 30 Summit
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
