XRP Becomes Most Traded Altcoin in Japan, Surpassing Ethereum

Japan's banking sector is poised for significant change, with nearly 80% of banks reportedly planning to adopt XRP by 2025. This follows XRP's recent surge in trading activity, surpassing Ethereum in volume on some exchanges. According to a report by SBI Group, a major Japanese crypto exchange, XRP was the second most traded cryptocurrency last month, trailing only Bitcoin. This underscores XRP's enduring popularity, particularly within the Japanese market where it has enjoyed long-standing acceptance.

XRP Gains Trading Momentum

On the SBI VC Trade platform, XRP/JPY trading volume exceeded that of ETH/JPY, a notable shift considering Ethereum's typically high trading volume. Solana (SOL) and Dogecoin (DOGE) occupied the fourth and fifth positions respectively. This preference for XRP among Japanese traders highlights its current market dominance over Ethereum.

This strong XRP presence in Japan is not coincidental. Ripple, the company behind XRP, has cultivated strong relationships with Japanese banks and businesses over many years, fostering significant trust in the cryptocurrency. While other cryptocurrencies are still building market recognition, XRP benefits from established familiarity and loyalty among Japanese traders.

Yoshitaka Kitao, CEO of SBI Group, has publicly endorsed XRP, emphasizing its increasing use in international remittances via RippleNet. He highlighted the importance of real-world utility for long-term success, contrasting XRP with Bitcoin, which he criticized for lacking inherent value.

Increased XRP Accessibility

Further fueling XRP's growth, it recently became available on Mercoin, a leading Japanese marketplace app. This expansion significantly increases XRP's accessibility to everyday users, many of whom may be engaging with cryptocurrencies for the first time. Former Ripple executive Emi Yoshikawa noted the influx of first-time users on Mercoin, signifying XRP's expanding reach and market penetration.