Japanese crypto investors are known for their keen interest in XRP. In the meantime, Ripple’s cryptocurrency was even more popular than Bitcoin in Japan. However, as official data from the Japanese Association of Crypto Exchanges (JVCEA) show, the traction of XRP in the land of the rising sun is increasingly diminishing. In the West, XRP’s supporters have shrunk significantly in recent years and thanks to a stagnating course, a similar picture is emerging in Japan. Yuya Hasegawa, a market researcher at the Japanese crypto exchange BitBank, analyzed on June 20 whether XRP still has the potential to rise to the throne in Japan.
XRP’s market share in descent
As a testament to the decline in interest, he initially cited the development of XRP’s market share (see below) in terms of crypto assets traded in Japanese yen.In December 2018, XRP still had a share of 51.36%, which made the cryptocurrency the market leader at the time. Even the actual class leader Bitcoin could be relegated to second place with a market share of 34.5%. Over the past few months, however, the tide has turned, because as the latest data from February 2020 shows, XRP’s market share is only 27.54%, while Bitcoin in Japan has regained dominance at 51.74%.