XRP Outperforms Ethereum (ETH) on Leading Japanese Exchange
Catch XRP's Second-place Win on SBI VC Trade
Take a gander at SBI VC Trade, the cryptocurrency exchange backed by Japanese financial juggernaut SBI Holdings - you'll notice XRP snagging the runner-up spot as the second-most-traded crypto last month!
Beating the ETH/JPY pair, XRP claimed the second position, with Bitcoin, as you'd expect, clinching the top spot. Solana (SOL) and Dogecoin (DOGE) followed closely, coming in at fourth and fifth, respectively.
Here's a surprise: Bitcoin's popularity on SBI VC Trade was as predictable as a sunrise. Given its long-standing presence in Japan, XRP's surge isn't all that surprising either.
Last week, U.Today shared the scoop about XRP's availability on crypto platform Mercoin, Japan's leading marketplace app [1]. This move hints at XRP achieving mainstream acceptance. Emi Yoshikawa, a former Ripple exec, points out that first-time crypto buyers mostly use the Mercoin app [1].
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Insights:
- Regulatory Clarity and Institutional Interest: Following Ripple's resolution of the SEC lawsuit, increased investor confidence and surging institutional interest have propelled more investors to engage with XRP [2][1].
- ETF Developments: The upcoming launch of XRP futures ETFs like ProShares' ETF (April 30, 2025) could potentially drive more market participation and visibility [2].
- Technical Market Indicators: The MACD and Bollinger Bands indicate a bullish momentum for XRP, suggesting possible breakouts at key resistance levels [2][4].
- Market Participation and Demand: Increased creation of new addresses and reduced selling activity among long-term holders indicate fresh capital flooding the market, fueling trading activity [4].
- Broad Market Conditions: The overall recovery in the crypto market has sparked renewed interest from new and existing investors, driving increased XRP trading volumes across various platforms [4].
While data from SBI VC Trade and Mercoin isn't extensive, these broader trends generally stimulate increased trading activity on multiple platforms.
- SBI VC Trade, the exchange backed by SBI Holdings, saw XRP securing the second-most-traded crypto spot last month, surpassing Ethereum's ETH/JPY pair.
- Bitcoin, as always, clinched the top spot, with Solana (SOL) and Dogecoin (DOGE) following closely in fourth and fifth place, respectively.
- Although Bitcoin's popularity on SBI VC Trade was predictable, XRP's surge in popularity might not be entirely unexpected, given its strong presence in Japan.
- Recently, XRP became available on the crypto platform Mercoin, Japan's leading marketplace app, a move that suggests XRP might be achieving mainstream acceptance.
- Emi Yoshikawa, a former Ripple exec, pointed out that first-time crypto buyers mostly use the Mercoin app.
- The upcoming launch of XRP futures ETFs, such as ProShares' ETF, could potentially attract more market participation and visibility, further boosting XRP trading activity.
- The technical market indicators point towards a bullish momentum for XRP, with possible breakouts at key resistance levels, fueled by a recovery in the overall crypto market.
