According to the latest data published on the Japan Association of Virtual Currency Exchanges (JVCEA) website, XRP and Bitcoin (BTC) are in constant requisition on crypto exchanges within the country.
The Japan Virtual Currency Exchange Association collects and publishes the transaction status to help users understand operations in virtual currency. And this report gives the value of the yen-denominated BTC and Ripple tokens on Japanese cryptocurrency exchanges.
Note that XRP held a leading position in terms of the trading volume until April 2019. Back then, something went wrong and XRP had to give way to Bitcoin.
Such fluctuations in the demand of traders occurred in April 2019 according to data of regulator (January – July 2019). At this time, trend reversal took place on the cryptocurrency market.
In April, the price of Bitcoin rushed up after a protracted correction. Acquiring digital assets was more active than before. If the total market cap was $73 billion in April, it is at the level of $264.5 billion today.
The growth of Bitcoin volume on local exchanges followed the price increase of digital asset. Unfortunately, this growth has little impact on XRP. While most altcoins grew as Bitcoin rises, the price of Ripple token did not change significantly.
Recently, such inaction has worried the hodlers of XRP and they are trying to turn the cryptocurrency trend by any means. Despite this, they keep buying XRP tokens to increase their own funds.
Progress Ripple Is Recognized By Various Structures
Ripple has constantly managed to seal new partnerships. For example, not so long ago, Ripple bought shares of MoneyGram company. As some members of the crypto community suggest, MoneyGram is going to use the XRP cryptocurrency to carry out cross-border transactions in the application and on the Internet resource.
This point of view is justified because MoneyGram already uses the xRapid technology developed by Ripple to process international transfers.
As for XRP, the Japanese have a special love for this asset. According to a representative of Bitbank, Ripple in Japan is truly appreciated and trusted.
Ripple’s reputation here is pretty good. Particularly, a positive attitude from Ripple products to XRP. According to Bitbank, most Japanese recognize the digital currency as a reliable cryptocurrency.
The reasons for this include the cooperation of Ripple with various companies, such as SBI Holdings. The Japanese believe that since Ripple is trusted by the local financial giant, as well as other companies, it is a sign of reliability. Therefore, XRP does not lose to Bitcoin at all in this country.