Ripple: How Asia is fueling XRP distribution amid American pushback

Ripple: How Asia is fueling XRP distribution amid American pushback

April 23, 2023

By Victor Olanrewaju

How much are 1,10,100 XRPs worth today?

Ripple’s partnerships in Asia seem to be paying off

Since XRP’s last rally, more addresses have joined the bandwagon

According to data acquired from XRPScan, the number of active XRP accounts has surpassed 4.5 million, with a large percentage of these accounts coming from Asia. As expected, Ripple, the blockchain payments firm, accounted for being the largest holder of the token. Binance held the second position with a couple of billion XRP tokens.

However, a notable percentage of XRP’s distribution is the amount held by the Asian crypto-community. To drive this point further, consider this –

Upbit, the South Korean exchange, also holds millions of XRP spread across different wallets.

Thanks to the freedom of occupancy

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.