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.
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.
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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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