Ripple lost a leading position in Japan to Bitcoin according to a new report from the Japan Virtual and Crypto Assets Exchange Association which shows the number of investors in the country decreased for XRP. let’s find out more in the upcoming Ripple XRP news.
XRP was one of the most popular assets in Japan and even more popular than Bitcoin but due to its stagnating performance, many of the hodlers switched to other altcoins and Bitcoin. BTC was accepted as a legitimate means of payment in Japan for a few years and is one of the most popular cryptocurrencies according to the latest surveys by the Japan Virtual and Crypto Assets Exchange Association. With the new surveys, we can see that Ripple lost leading positions as the investor number continues to decline.
In 2018, the digital asset XRP dominated the market share in Japan with a 51% rate and was ahead of Bitcoin which was at 34% at the time. Hasegawa described that XRP lost many followers int eh recent months because of its poor performance. According to the article published on June 20, Bitcoin is the new market leader with a share of 51% as XRP comes to 27% and Ethereum to 9%. The analyst stated that from January 2019 to today, Bitcoin increased in price by 152% and XRP by only 16%.
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He goes on to say that it was not the performance that lowered the interest in XRP but also the great media attention that bitcoin has as a safe haven asset during the coronavirus crisis.
Ethereum has always shown a strong correlation with Bitcoin and the release of Ethereum 2.0 is upcoming. According to Hasegawa, this means that the investors’ attention will be mostly focused on BTC and ETH. Ethereum also recorded a monthly high traded value but a high correlation with bitcoin is expected to go through a major network upgrade. The popular narratives that drove the market for the past few years have not been supportive of XRP.
However, the analysts predict that the interest will rise again once the current crisis is overcome and the investors can use their money again:
“As movements across borders are strictly limited, the demand for cross-border payments and remittances have an opportunity to grow. XRP’s issuer, Ripple, already has a scalable infrastructure to implement fast and cheap cross-border remittances, and its use cases are quietly growing in some parts of the world.”
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