Japanese banks have increasingly flocked to Ripple’s XRP Ledger to bolster the country’s digital payment infrastructure. Yoshitaka Kitao, CEO of SBI Holdings, is a strong proponent of XRP. Earlier this year, Kitao said that all banks in Japan will adopt XRP. Under Kitao’s leadership, SBI Holdings has seen a sharp strengthening of its partnership with the fintech company. According to reports, nearly 80% of Japanese banks will integrate XRP in 2025.
Ripple Braces For Major Adoption Surge
SBI Holdings is not the only Japanese entity with strong ties to the XRP ecosystem. Earlier this year, the Bank of Japan (BOJ) integrated XRP for cross-border payments. The trend of utilizing blockchain technology for international remittance will likely continue to grow. The XRP Ledger is at the forefront of this effort.
With more banks flocking to Ripple’s XRP Ledger, the underlying asset may see a spike in exposure. XRP may become a global standard in the near future. The banking industry is a multi-trillion-dollar infrastructure. A small percentage increase of this figure flowing into the XRP ecosystem may lead to a massive price spike.
No Lawsuits, Only Full Throttle Ahead
Ripple’s XRP token suffered a few bad years due to the SEC’s lawsuit against the company. XRP did not rally much even during the 2021 bull run. The asset has not hit a new all-time high in more than seven years. XRP hit its peak of $3.40 on Jan. 7, 2018.
The SEC litigation was finally laid to rest earlier this year. XRP has made a substantial recovery after the lawsuit was closed. The asset breached the $3 mark earlier this year for the first time in nearly seven years.
Also Read: Bitget Analyst Explains Ripple (XRP) Enroute To $5
With its legal woes out of the picture, the XRP Ledger could see substantial adoption globally. There is also a high probability that the SEC will approve a spot XRP ETF sometime this year. An ETF approval will likely lead to even more adoption for the popular cryptocurrency.
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