Not Ethereum, Ripple (XRP) is second to Bitcoin in Japan: Why?

Ripple XRP News: Not many of the best cryptocurrencies of the past lived up to expectations, while many others have even failed to survive. Amidst several waves of R&D and market pressure, 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 aside from Bitcoin and Ethereum that has consistently maintained its dominance. Despite the uncertainty surrounding the XRP SEC lawsuit, a strong community stood in support of the cryptocurrency.

Also Read: Huge Shift For Bitcoin Miners With Rise Of Ordinals, Chain Data Suggests

The lawsuit is in its final stages, and the court has yet to issue its summary judgment 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 par with Bitcoin, surpassing Ethereum, which is only the third most popular cryptocurrency in Japan. According to a study on non-performing assets 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 main reason behind Ripple’s success in Japan.

The study found that XRP was the favorite cryptocurrency for 25% of respondents, while Bitcoin’s popularity was at 26%. Ethereum stands as a distant third coin in terms of popularity.

Until recently, Yoshitaka Kitao, 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 to receive benefits in XRP.

Also Read: Ethereum Shanghai Upgrade To Trigger Massive ETH Price Dump?

Anvesh reports on major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate for decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @BitcoinReddy and connect with him at [email protected]

The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.