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Not Ethereum, Ripple (XRP) Is Second To Bitcoin In Japan: Why?

Ripple XRP News: Not many top cryptocurrencies of the past lived up to expectations while many others have even failed to survive. Amid several waves of FUD and market pressures, 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 apart from Bitcoin and Ethereum to have consistently maintained its dominance. Despite the uncertainties around the XRP SEC lawsuit, a strong community stood in support of the cryptocurrency.

The lawsuit is in its final stages, with the court yet to pronounce its summary judgement 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 similar levels with that of Bitcoin, trumping Ethereum, which is only third most popular cryptocurrency in Japan. According to a study on Non-Performing Assets Cases 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 primary reason behind Ripple’s success in Japan.

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

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Until recently, Yoshitaka Kitao, the 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 of receiving benefits in XRP.