Japan's banking sector is gearing up for significant changes as nearly 80% of banks plan to embrace XRP by 2025.
XRP Wins Trader Attention
On the SBI VC Trade platform, the trading volume for XRP against the Japanese yen (XRP/JPY) surpassed that of Ethereum (ETH/JPY). This marks a notable shift, considering Ethereum usually ranks as one of the leading cryptocurrencies. Solana (SOL) and Dogecoin (DOGE) secured the fourth and fifth spots, respectively. Japanese traders are currently favoring XRP, leaving Ethereum trailing.
Trust from Japanese Banks
XRP's strong standing in Japan is largely due to Ripple's years-long efforts to build trusted relationships with Japanese banks and businesses. This early trust has made XRP a familiar asset for Japanese traders, resulting in loyalty that is now reaping rewards.
Increased Access to XRP
The recent addition of XRP to Mercoin, one of Japan's largest marketplace apps, is a significant milestone, bringing XRP to everyday users, many of whom may be purchasing cryptocurrency for the first time. Former Ripple executive Emi Yoshikawa noted that many Mercoin users are newcomers, indicating that XRP is reaching a new audience of traders.
The adoption of XRP by Japanese banks and the growing trust from traders highlight the significance of this asset for the future of Japan's cryptocurrency market.
