Rewrite Ripple Overtakes Ethereum as Japan’s Top-Traded Altcoin, with XRP ETF Launch on Horizon
Ripple (XRP) has surged past Ethereum (ETH) to become Japan’s most traded altcoin, according to new data from SBI VC Trade, one of the country’s largest cryptocurrency exchanges. XRP is now the second-most traded digital asset in Japan, trailing only behind Bitcoin (BTC). Solana (SOL) and Dogecoin (DOGE) round out the top five.
While tokens such as Ethereum, Cardano (ADA), Polkadot (DOT), Tezos (XTZ), and Solana offer staking opportunities on SBI VC Trade, XRP is notably absent from that list. Nevertheless, investor interest in XRP remains strong—thanks to its unique advantages and deep-rooted partnerships in the region.
XRP Adoption Accelerates in Japanese Banking Sector
XRP’s popularity in Japan is largely driven by its strategic alliance with financial powerhouse SBI Holdings. The partnership dates back to 2016, when Ripple and SBI joined forces to establish SBI Ripple Asia, aimed at delivering blockchain-based payment solutions across Asia. This collaboration took a major leap in 2019 when SBI CEO Yoshitaka Kitao joined Ripple’s Board of Directors.
Further solidifying XRP’s role in cross-border payments, the Bank of Japan is reportedly exploring its application in international remittance services. According to reports, nearly 80% of Japanese banks are preparing to integrate XRP into their infrastructure by 2025—signaling a transformative shift in the nation’s financial sector.
Japan’s Regulatory Clarity Fuels XRP Growth
Unlike in the United States, where Ripple is still entangled in legal disputes with the Securities and Exchange Commission (SEC), Japan’s Financial Services Agency (FSA) officially classified XRP as a non-security back in 2021. This regulatory certainty has helped boost investor confidence, fostering broader adoption among institutions and retail users across Japan.
XRP’s appeal also lies in its technical design and efficiency. Pre-mined with a maximum supply of 100 billion tokens, XRP offers lower transaction costs, quicker settlement times, and significantly less energy consumption compared to Bitcoin or Ethereum.
Retail Push Accelerated by Mercoin Integration
XRP’s visibility in Japan received another major boost through Mercari—the country’s leading e-commerce platform. Operated by Mercoin, Mercari has now made XRP available on its trading service, positioning it as the third-most popular cryptocurrency on the platform after Bitcoin and Ethereum. With over 20 million monthly users, this listing is expected to considerably widen XRP’s exposure in the Japanese retail market.
XRP ETF and Futures Ignite Bullish Momentum
The momentum for XRP isn’t confined to Japan. In the U.S., the SEC has approved the launch of the first-ever XRP exchange-traded fund (ETF) by ProShares, set to debut on April 30. XRP ETF applications from other major firms—namely Franklin Templeton, 21Shares, and Bitwise—are still pending regulatory approval.
Institutional access to XRP through a regulated ETF is expected to further fuel adoption. Additionally, starting May 19th, the Chicago Mercantile Exchange (CME) will launch XRP futures contracts, offering yet another investment vehicle for traders.
XRP Market Performance and Technical Outlook
Currently trading at $2.30, XRP has gained 3.45% over the past 24 hours and a notable $7.28 in the past week. Market analysts are targeting the $3 mark as a near-term milestone, buoyed by expanding international use cases and investor optimism.
Crypto analyst Ali Martinez recently observed that XRP may be breaking out of an inverse head-and-shoulders pattern, a technical indicator that often signals bullish movement. If confirmed, XRP could climb as high as $2.70 to $2.90 in the coming days.
As Ripple continues to solidify its global presence—especially in regulation-friendly regions like Japan—the future looks bright for XRP investors and institutional stakeholders alike.
XRP trading volume overtakes Ethereum in Japan
In a dramatic flip of the crypto leaderboard, XRP has officially dethroned Ethereum as the most traded altcoin in Japan, according to fresh data released by SBI VC Trade, one of Japan’s leading digital asset exchanges. While Bitcoin still reigns supreme as the most traded cryptocurrency overall, XRP has surged into second place—leaving Ethereum trailing in its wake.
This development is no small feat, especially considering Ethereum’s long-standing dominance as the go-to altcoin for decentralized applications and smart contracts. XRP’s trading volume has seen a meteoric rise, reflecting both retail enthusiasm and a growing institutional appetite for the token. Rounding out the top five cryptocurrencies traded on the platform are Solana (SOL) and Dogecoin (DOGE), both of which have carved out their own niches in the Japanese market.
What’s particularly noteworthy is that XRP has achieved this trading milestone despite not offering staking rewards on SBI VC Trade—a feature that typically boosts user engagement and long-term holding. Ethereum, along with tokens like Cardano (ADA), Polkadot (DOT), and Tezos (XTZ), benefits from staking incentives, yet XRP has managed to outpace them all. That’s a powerful signal that investors are looking beyond passive income and are instead zeroing in on real-world utility and strategic positioning.
- Trading Stats: XRP is now the second-most traded crypto asset in Japan, surpassing Ethereum in volume.
- Platform Data: SBI VC Trade reports a significant uptick in XRP transactions, driven by both institutional and retail demand.
- Non-Staking Success: XRP’s rise in trading volume is particularly impressive given its lack of staking incentives on the platform.
The shift in trading dynamics highlights a broader trend: Japanese investors are gravitating toward digital assets with strong use cases in financial infrastructure, especially those with deep integration into domestic banking systems. XRP’s strategic alliances, particularly with SBI Holdings, and its ongoing involvement in cross-border payment solutions have made it a cornerstone of Japan’s digital finance evolution.
In essence, XRP isn’t just riding a wave—it’s creating one. And with Japan’s regulatory clarity and tech-forward financial institutions backing its ascent, XRP’s overtaking of Ethereum may be just the beginning of a larger narrative unfolding in Asia’s crypto markets.
Market factors driving XRP’s popularity
Several interlocking factors are fueling XRP’s meteoric rise in Japan, making it more than just a speculative asset—it’s becoming a staple in the country’s digital financial infrastructure. While Ethereum remains a titan in terms of smart contract capabilities and decentralized finance (DeFi) ecosystems, XRP is winning hearts (and wallets) in Japan for reasons that go far beyond hype. This includes strategic partnerships, real-world utility, and a regulatory environment that actively supports innovation.
One of the most significant drivers behind XRP’s dominance is its deep-rooted integration with SBI Holdings, a financial conglomerate that has championed Ripple’s technology for years. Through the joint venture SBI Ripple Asia, XRP has evolved from a simple remittance tool into a core component of Japan’s next-gen banking systems. This partnership has laid the groundwork for widespread institutional adoption, particularly in cross-border payments—a pain point that XRP is uniquely positioned to solve with its near-instant settlement times and ultra-low fees.
Unlike Ethereum, which is still transitioning to a more scalable and energy-efficient model through its shift to proof-of-stake (PoS), XRP already offers high throughput and negligible transaction costs. This efficiency is especially appealing in Japan, where tech-savvy consumers and banks alike value speed and reliability. XRP’s consensus protocol allows for thousands of transactions per second, making it ideal for high-volume financial operations—an area where Ethereum’s network congestion and gas fees can be a deterrent.
- Strategic Partnerships: SBI Ripple Asia has positioned XRP as a cornerstone for digital payments and remittances.
- Technical Efficiency: With lightning-fast transactions and minimal fees, XRP offers a seamless user experience for both consumers and institutions.
- Retail Integration: Platforms like Mercari, operated by Mercoin, have brought XRP to millions of Japanese users, boosting accessibility and familiarity.
- Banking Adoption: Nearly 80% of Japanese banks are preparing to integrate XRP by 2025, reinforcing its long-term value proposition.
Adding to its retail momentum, XRP’s listing on Mercoin—the crypto arm of Japan’s e-commerce giant Mercari—has significantly expanded its visibility. With over 20 million monthly users, Mercari’s platform has introduced XRP to a broader demographic, from seasoned investors to everyday shoppers curious about digital assets. Unlike Ethereum, which is often associated with complex DeFi protocols and developer-centric use cases, XRP is being positioned as the crypto for the average user—a digital dollar of sorts for seamless value transfer.
Moreover, the buzz around a potential XRP ETF and the launch of XRP futures on the CME have added a speculative tailwind. These developments are not just about price speculation—they also legitimize XRP as a serious asset class in the eyes of institutional investors. In Japan, where financial institutions are traditionally risk-averse, such credibility is crucial for onboarding the next wave of adopters.
In a market often dominated by narratives around decentralization and tokenomics, XRP’s appeal lies in its pragmatic approach to solving real problems. It’s not trying to be everything to everyone—it’s laser-focused on making value transfer faster, cheaper, and more accessible. And in Japan, that focus is paying off handsomely.
Regulatory environment and investor sentiment
Japan’s regulatory landscape is often hailed as one of the most progressive and transparent in the global crypto arena—and it’s proving to be a game-changer for XRP. While other jurisdictions, particularly the United States, continue to grapple with legal ambiguity and enforcement-heavy approaches, Japan has embraced a clear and innovation-friendly stance. This clarity is playing a pivotal role in shaping investor sentiment and accelerating XRP adoption.
At the heart of this regulatory openness is the Financial Services Agency (FSA), Japan’s top financial watchdog. In 2021, the FSA officially recognized XRP as a non-security, a move that stands in stark contrast to the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). This classification has removed a major layer of uncertainty for Japanese investors and institutions, allowing them to engage with XRP without the looming fear of retroactive enforcement or legal reclassification.
This regulatory green light has had a domino effect on investor confidence. Financial institutions, fintech startups, and even traditional banks now view XRP as a compliant, stable asset that fits within their risk frameworks. As a result, XRP is not just being traded—it’s being strategically deployed in real-world applications, from international remittances to enterprise-grade payment solutions.
- Regulatory Clarity: The FSA’s clear stance on XRP as a non-security has eliminated legal ambiguity, making it easier for institutions to onboard the asset.
- Institutional Confidence: Banks and regulated entities in Japan are more inclined to adopt XRP due to its compliant status.
- Retail Trust: Everyday investors are more willing to hold and use XRP in a jurisdiction that supports clear, investor-friendly crypto laws.
Beyond just compliance, the Japanese government has also shown a proactive interest in blockchain innovation. Initiatives like the Digital Yen and the exploration of blockchain for public infrastructure have created an environment where digital assets like XRP are not just tolerated, but encouraged. This top-down support has trickled into the private sector, where companies are more willing to allocate resources toward XRP integrations and product development.
Investor sentiment in Japan reflects this environment of clarity and optimism. While speculative trading still plays a role, the broader mood is one of long-term confidence. XRP is viewed not just as a volatile token to flip, but as a cornerstone of future financial infrastructure. Market surveys indicate that Japanese investors prefer digital assets with real utility and regulatory backing—two boxes that XRP ticks with ease.
And let’s not forget the cultural factor. Japanese consumers tend to favor stability, functionality, and trustworthiness over hype. XRP’s brand, bolstered by its association with SBI Holdings and its practical use cases, aligns perfectly with these values. This cultural alignment further enhances its appeal, setting it apart from more speculative or experimental altcoins.
With regulation serving as a tailwind rather than a headwind, XRP is thriving in Japan’s fertile crypto ecosystem. The combination of legal certainty, institutional trust, and cultural fit has created a perfect storm for XRP’s dominance. For investors watching from the sidelines, Japan offers a compelling case study in how forward-thinking regulation can unlock the full potential of digital assets—and XRP is leading the charge.
Implications for the global crypto landscape
XRP’s meteoric rise in Japan isn’t just a local phenomenon—it’s a seismic shift with global ramifications. As one of the few crypto assets to gain meaningful traction across both institutional and retail sectors in a major economy, XRP is now being closely watched by investors, regulators, and blockchain innovators worldwide. Japan’s embrace of Ripple’s technology is serving as a blueprint for what successful integration of crypto into traditional finance can look like—clear regulation, real-world use cases, and strong public-private partnerships.
For starters, Japan’s XRP surge is putting pressure on other jurisdictions to reconsider their regulatory posture. The contrast between Japan’s green light and the U.S. SEC’s ongoing litigation against Ripple could not be starker. As Japan moves ahead with clarity and confidence, the U.S. risks falling behind in the global crypto race, particularly when it comes to fostering innovation in cross-border payments and digital asset infrastructure.
- Global Benchmark: Japan’s regulatory clarity and widespread XRP adoption offer a model that other nations may seek to emulate.
- Institutional Signal: The success of XRP in Japan showcases how digital assets can be integrated into mainstream finance at scale.
- Market Diversification: As XRP gains traction in Asia, it reduces its dependence on Western markets, making it a more globally resilient asset.
The implications extend to capital markets as well. With the imminent launch of the first XRP ETF in the U.S. and the debut of XRP futures on the CME, the asset is rapidly transforming from a cross-border payments solution into a full-fledged investment vehicle. These developments not only boost liquidity but also offer institutional players new ways to gain exposure to XRP—without the complexities of direct token custody.
Moreover, the ripple effect (pun fully intended) of Japan’s XRP adoption is already influencing regional neighbors. Southeast Asian nations like Thailand, the Philippines, and Singapore—each with growing remittance markets and tech-forward financial sectors—are increasingly exploring RippleNet and On-Demand Liquidity (ODL) solutions. With Japan blazing the trail, XRP could become the de facto standard for digital remittances across Asia-Pacific.
The global crypto community is also taking note of XRP’s evolving narrative. No longer just the token caught in regulatory crossfire, XRP is being rebranded as a utility-first, regulation-friendly asset with real traction in major economies. This shift in perception is critical—especially as the market matures and investors prioritize sustainability, compliance, and functionality over hype and speculation.
From a macroeconomic perspective, XRP’s success in Japan underscores a broader trend: the convergence of traditional finance and blockchain technology. As central banks explore CBDCs and financial institutions digitize their services, assets like XRP that offer interoperability, scalability, and regulatory clarity are uniquely positioned to thrive. Japan may be the first domino to fall, but others are lining up quickly.
In a world that’s increasingly interconnected, XRP’s performance in Japan is more than a regional win—it’s a signal flare for what’s possible when crypto aligns with regulation, utility, and market demand. Whether you’re a hedge fund in London, a fintech startup in Nairobi, or a retail investor in Toronto, Japan’s XRP story offers valuable lessons on where the digital asset space is heading next—and why XRP might just be leading the charge.