The XRP coin has become one of the most traded cryptocurrencies in Japan, only behind BTC and ETH. BitBank, BitFlyer, and GMO are the three major exchanges where it is traded the most.
The high trading volumes are likely because the legal case between Ripple and the SEC is ending. The expected outcome is that Ripple will win.
Ripple has also been working closely on efforts in Japan. The company is running Web3 initiatives and has also met with the Fukuoka city mayor.
XRP has become the third-highest traded crypto asset in Japan, after Bitcoin and Ether. The country’s top 3 exchanges — GMO, bitFlyer, and Bitbank — also show that XRP is one of the most traded assets in the last 30 days.
Trading volumes on the three exchanges all show unusually high numbers over the past month. On GMO $760 million worth of XRP was traded. BitFlyer has seen the cryptocurrency pair trading for over $100 million. On Bitbank, XRP is the most traded asset of all, with over $490 million traded.
Other statistics point to the rising interest in XRP. On GMO, the asset accounts for 28% of trading, which is even more than ETH. On Bitbank, it accounts for a whopping 60%, which is more than Bitcoin and Ether.
These large trading volumes are likely due to the fact that the legal battle between Ripple and the SEC is coming to a conclusion. Analysts believe that the case will turn out in Ripple’s favor, and investors are preparing for a possible price bump.
Ripple Getting More Deeply Involved in Japan
Ripple has also been making a lot of inroads in Japan, where the cryptocurrency was already quite popular. The project has a close association with the SBI Group, which has announced it will adopt XRP payments despite the ongoing lawsuit. SBI’s Motor Japan accepts cryptocurrency payments in Ripple and Bitcoin, which makes it the first platform in the country to accept XRP.
Japan is also making a push into the Web3 space, and Ripple is playing its part as well. The project announced a partnership with btrax, a design consulting service, to help Japanese companies develop Web3 businesses. The Web3 design lab will make use of the XRP ledger.
The project could see good progress at a city level as well. Fukuoka City Mayor Sōichirō Takashima and his officials have been meeting with Ripple personnel, discussing potential Web3 initiatives.
Ripple has been working more closely on the Web3 space in recent months. The project is bringing more NFT projects and creators to its XRP Ledger.