XRP’s strong popularity in Japan and South Korea is tied to something much bigger than crypto hype. According to Fiona Murray, Ripple APAC VP, decades of ultra-low interest rates pushed retail investors across Asia to search for alternative assets long before crypto became mainstream.
Speaking about the trend, Murray said, “In countries like Japan and Korea, we see retail holders of XRP as a store of value and looking for that next piece.” She also explained why Japan became the world’s largest retail FX trading market: “They’ve had a lower negative interest rate environment for decades now.”
That mindset created what many call the famous “Mrs. Watanabe” effect. During the 1990s and 2000s, Japanese retail investors began aggressively trading foreign currencies through online FX platforms because traditional savings accounts offered almost no returns. Over time, Japan grew into one of the world’s largest retail FX trading hubs.
Now, that same trading culture is moving into crypto.
As forex profits became harder to find and local economies stayed sluggish, many retail traders shifted toward digital assets, searching for higher returns and faster-moving opportunities. Analysts say cryptocurrencies became the natural next step for a market already comfortable with high-risk trading behavior.
Why XRP Fits Asia’s Market
A major reason behind XRP’s strong adoption is its connection to established financial institutions like SBI Holdings. For many Asian investors, XRP sits in the middle ground between traditional banking and crypto innovation.
Interest in XRP in Japan is also growing at the institutional level. Recently, crypto analyst Xaif Crypto highlighted reports claiming SBI Group is planning a Bitcoin and XRP ETF for the Tokyo Stock Exchange, targeting nearly $32 billion in assets under management within three years. Reports also suggest Japan’s Financial Services Agency is reviewing crypto assets more seriously as financial instruments.
Cross-border payments are another factor driving XRP demand. Japan and South Korea maintain massive trade corridors, and XRP’s near-instant settlement and low fees make it attractive for users frustrated with expensive banking systems.
For many investors across Asia, XRP is increasingly being viewed not just as another altcoin, but as an alternative financial system built for a low-yield world.