XRP has recently overtaken Ethereum (ETH) in popularity among Japanese cryptocurrency investors, marking a significant milestone for the Ripple-affiliated token. According to the latest market data, XRP now holds an 18% share of the tokens stored on Japanese exchanges, surpassing Ethereum, which holds a 14.4% share. Bitcoin remains the dominant cryptocurrency, with an impressive 65% of the total exchange holdings in Japan.

The Rise of XRP in Japan

XRP’s popularity in Japan is no surprise, given Ripple’s long-standing presence in the country. Since its collaboration with SBI Group in 2016 to introduce SBI Ripple Asia, the cryptocurrency has gained significant traction in the region. Ripple has cultivated a strong relationship with Japanese financial institutions, helping to establish XRP as a trusted digital asset for transactions.

SBI Group, one of Japan’s largest financial institutions, has played a pivotal role in XRP’s success. In addition to its collaboration with Ripple, SBI CEO Yoshitaka Kitao joined Ripple’s board of directors in 2019, further solidifying the partnership between the two companies. Ripple’s CEO, Brad Garlinghouse, has frequently praised Japan for its progressive stance on cryptocurrency and blockchain technology.

Ripple’s Efforts to Strengthen Its Presence in Japan

Ripple has also taken steps to enhance its influence in the region. In 2020, the company considered relocating its global headquarters to Tokyo due to the growing regulatory challenges it faced in the U.S. However, Ripple ultimately decided to remain in San Francisco while continuing to strengthen its ties to Japan.

The company’s commitment to Japan was further demonstrated by the introduce of a new fund last year, aimed at promoting blockchain innovation in both Japan and South Korea. This fund is part of Ripple’s broader strategy to bolster its presence in the Asian markets and leverage the region’s growing interest in cryptocurrency and blockchain technology.

SBI Group’s decision to use the XRP Ledger in its operations was another groundbreaking move, marking the first time a major Japanese financial institution has adopted the XRP Ledger for its blockchain-based projects. This adoption is expected to drive further growth for XRP in Japan, where the cryptocurrency has already established itself as a key player in the digital finance space.

XRP’s Appeal in South Korea

While XRP has made significant strides in Japan, it has also seen increasing popularity in other Asian markets. Notably, South Korea has become a major hub for XRP, with the altcoin gaining strong support among local investors. South Korea is known for its active cryptocurrency trading culture, particularly in altcoins, and XRP has benefited from this trend.

The combination of Ripple’s strong partnerships in Japan and South Korea, along with the growing adoption of XRP among investors in these countries, positions the cryptocurrency for continued success in the Asian market. XRP’s ability to establish itself in these two key regions underscores its potential to maintain a strong global presence in the evolving cryptocurrency landscape.

Conclusion

XRP’s rise in popularity in Japan, surpassing Ethereum for the first time, highlights the growing influence of Ripple and its associated token in Asia. With strategic partnerships, a commitment to blockchain innovation, and increasing investor interest, XRP is positioning itself as a key player in the global cryptocurrency market. As Japan remains one of the most crypto-friendly jurisdictions in the world, XRP’s future looks bright in the region, with further growth expected in South Korea and beyond.