Ripple Returns to 3rd in Market Cap...SBI Says "80% of Japanese Banks Will Adopt Ripple"

Uk Jin

Summary

Ripple has reaffirmed its strong position in the market by returning to 3rd in market capitalization.
SBI CEO emphasized that by 2025, 80% of Japanese financial institutions will use Ripple, offering a positive outlook for Ripple.
CoinDesk mentioned the possibility of further upward movement towards $2.55 as Ripple broke the $2.27 resistance line, providing an investment opinion.

Ripple surpassed $2.39 during the day, signaling its return to the 3rd position in market capitalization.

As of 9:54 AM on the 2nd, Ripple is trading at $2.40, up 14.02% from the previous day according to CoinMarketCap. With this rise, its market capitalization reached $137.37 billion (202.7581 trillion KRW), surpassing Tether (USDT) to rank 3rd in market cap.

This surge is attributed to positive remarks from Japan's financial services company SBI regarding Ripple, which bolstered investor sentiment.

SBI Group CEO Kitao Yoshitaka emphasized, "By 2025, 80% of Japanese financial institutions will use Ripple."

CEO Kitao particularly highlighted Ripple's efficiency in international remittances. He explained, "Ripple is establishing itself as an ideal solution for international remittances," and added, "It can also be used for the migrant worker population in Japan."

SBI owns an 8% stake in Ripple's issuer, Ripple Labs. Investments related to Ripple are reported to amount to 1.4 trillion yen (approximately 14.7 trillion KRW), exceeding SBI's market cap, which is 1.2 trillion yen.

Crypto-focused media outlet CoinDesk predicted that Ripple breaking the $2.27 resistance line increases the likelihood of a continued rally, with the potential to test $2.55.

XRP