In the global crypto league, Ethereum comes after Bitcoin in terms of market cap, but ranks in popularity after a different altcoin BTC in Japan. Hong Kong City University, which is investigating the reason for this, shared the results.
Ripple is more popular than Ethereum (ETH) in Japan
A recent study by the City University of Hong Kong has revealed the reasons behind Ripple (XRP)’s huge popularity in Japan. While many of the top cryptocurrencies of the past did not live up to expectations, many did not even survive. Amid several waves of FUD and market pressure, only a few cryptocurrencies have continued to maintain their pole position in the crypto market over the years. Ripple (XRP) has become one of the few cryptocurrencies that has consistently maintained its dominance apart from Bitcoin (BTC) and Ethereum (ETH). Despite the uncertainties regarding XRP’s SEC lawsuit, a strong community has continued to support the cryptocurrency.
cryptocoin.comAs you follow, the court has not yet released its summary decision regarding the US Securities and Exchange Commission’s (SEC) allegation that XRP was sold in the form of unregistered securities. Meanwhile, there’s a reason why the XRP community is stronger in some regions than others, according to a recent study.
Where does Ripple (XRP) popularity come from?
Until now, it was unclear why XRP has such a strong community base in Japan. Altcoin’s popularity in the country is on par with Bitcoin, surpassing only Ethereum as the third most popular cryptocurrency in Japan. According to a study on NPL Cases and Cryptocurrency in Japan, there are tangible reasons behind the popularity of XRP. The cryptocurrency’s relationship with Japanese venture capital firm SBI Holdings is the primary factor behind Ripple’s success in Japan.
The study reveals that XRP is the favorite cryptocurrency for 25% of the respondents, while the popularity of Bitcoin is 26%. Ethereum, on the other hand, is moving away from the first two cryptocurrencies in terms of popularity and is positioned as the third.
By the way, it is worth noting that Yoshitaka Kitao, CEO of SBI Holdings, until recently, was part of Ripple’s board of directors. SBI’s ties to Ripple date back to 2017, when XRP became popular in Japan. In fact, SBI’s shareholder interest in XRP was also in the news in January 2023. The company offered its shareholders an incentive option to acquire interests in XRP.
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