- Number of Ripple XRP Investors has Dropped Significantly in Japan as More People Defect to Bitcoin
- Ripple XRP Token Still Hasn’t Been Able to Retest The $0.1900 Level it Lost About Three Days Ago
Ripple News Today – Ripple has a strong presence in Asia. Until recently, the XRP token was the most popular in Japan. Many members of the Japanese cryptocurrency community had fate in the token and the future that Ripple promises to bring in the financial services industry. However, the Japanese Virtual and Crypto Assets Exchange Association released a new report revealing that investor interest in XRP has reduced significantly in recent time while interest in Bitcoin BTC has increased. Bitcoin has taken XRP’s place as the most popular cryptocurrency in Japan.
Ripple News Today – XRP is no Longer the Most Popular Cryptocurrency in Japan
Japanese is one of the countries that has embraced cryptocurrencies and the underlying blockchain technology. For many years, these cryptocurrencies have been viewed as legitimate methods of payment. Two years ago, XRP dominated the Japanese cryptocurrency market share by 51.36%. Bitcoin took just 34.57%. However, the number of XRP holders has been on a steady decline since then. Now, it has been pushed aside by Bitcoin BTC. The Ripple XRP token is currently dominating only 27.54% of the Japanese market while Bitcoin is dominating 51.74%.
XRP (XRP) Price Today – XRP / USD
The loss of interest in XRP is primarily due to the poor price performance of the token. We know that the entire cryptocurrency market has suffered strong bearish pressure since the 2017/2018 Bitcoin bull run ended. However, XRP remains the worst performing of the top five tokens gaining only 16.81% in value since January 2019. Bitcoin BTC, on the other hand, has gained more than 152.79% within the same period. Bitcoin has also gotten a lot of media attention over the last few years. So, the growth is understandable.
While the XRP token is currently struggling against the USD, things might take a turn for the better soon. The current Covid-19 pandemic has led to an increase in the demand for cross-border payments. This presents an opportunity for XRP to shine. Ripple already has a scalable infrastructure that makes it ideal for this particular purpose. The major challenges the company is facing are lack of trust and poor performance in the price of XRP. If Ripple can gain investor trust, the skepticism surrounding the XRP token will reduce.
In other news, the XRP token is still declining against the USD and BTC. At the time of writing, the price of the token was $0.187086. It is down by 0.32% against the USD and down by 0.91%. The trading volume is $986,617,847 and the market capitalization is $8,280,036,141.