With a solid presence providing cross-border payment solutions in Asia, Ripple has been rewarded with a hike in XRP adoption. Can this get better?
Upbit, the South Korean exchange, also holds millions of XRP spread across different wallets.Besides a desire to hold the token, Ripple’s presence in the region could have impacted this trust. The firm has previously partnered with various financial institutions while acting as a remittance provider.
Ripple’s main partner in Asia is Japan’s SBI Holdings, which has a significant stake in the company. This has led to a massive increase in XRP usage in the country. In 2021, organizations including SentBe and GME Remittance adopted RippleNet to foster cross-border payments. Thus, a hike in real-world use cases across the continent laid the groundwork for further adoption of the token.the project has been facing in the U.S. As the matter lingered, Ripple seemed to shift its focus from considering the Joe Biden-led nation as its mainstream base.on the Upbit exchange tremendously increased and fueled an XRP rally a few weeks back.
On-chain data further revealed a rise in transactions since 19 March. Therefore, growing interest in XRP was clearly evident from these metrics.On the other hand, the Spent Coins Age bands decreased to 34.57 million. This metric summarizes the behavior of both short-term and long-term holders, alongside the token’s price action.In this instance where the metric has fallen, it means that short-term investors are mostly accountable for XRP’s price movement.
. As more financial institutions in Asia continue to adopt XRP, the cryptocurrency’s distribution and usage are likely to continue growing.
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