Crypto exchange Rakuten Wallet has fully rolled out the new launch of XRP trading features in Japan on Thursday, linking the token to one of Japan’s largest consumer ecosystems.
The update allows users to convert their Rakuten loyalty points into XRP in the mobile app and use it for payments. Additionally, the Rakuten Wallet service now offers spot trading to Japanese users alongside payment services, merging rewards, trading and payments in one place.
The rollout also allows users to use XRP to make payments at more than 5 million merchant locations across Japan. According to the official announcement, payments will be done using QR codes linked to Rakuten’s broader retail network.
The move follows Japan’s crypto market booming on the back of relaxed regulations and greater institutional participation. According to research reports by Statista, the digital asset segment in Japan is estimated to reach $1.17 billion by 2033, with a CAGR of 15.9 percent.
Simultaneously, XRP has been a popular choice of investment and payment for many across the globe. The price of the coin has seen a rise of over 3 percent in the past one month.
XRP to access wider user base with new integration
RippleX described the rollout as one of the biggest real-world retail integrations of XRP so far, largely because of the scale of Rakuten Pay. With around 44 million active users, the move gives XRP direct access to a huge consumer base, opening the door for more everyday use rather than just trading or speculation.
What makes this even more notable is the size of the wider Rakuten ecosystem. The number of loyalty points that are in existence at present is around 3 trillion, which is equivalent to a worth of approximately $23 billion. Through enabling the conversion of this loyalty point into XRP, the loyalty program of Rakuten would be opening up a huge potential for its utilization in the cryptocurrency market.
This opens the gateway for retail customers to enter the crypto market by converting loyalty points into cryptocurrency without having to make any investments.
New XRP listing comes after previous hiccups
The much-awaited XRP listing on Rakuten Wallet comes after earlier delays, and so far, the rollout has been smooth. It is another milestone towards making the XRP currency more user-friendly for regular customers in Japan.
As an incentive program, Rakuten Wallet is also offering a special offer as well. Any individual who makes a purchase of 30,000 yen or more of XRP will be rewarded with a 500 yen bonus of XRP. Individuals who purchase 100,000 yen or more will be rewarded even better, receiving a 1,500 yen bonus in XRP.
As for now, the service has been integrated into the wallet only through Android phones. But the good news is that the developers have announced plans to introduce the iOS version of the program.
XRP hype sees new support despite price slip
Despite XRP breaking below an essential support level, sentiments have become increasingly bullish on social media channels, with traders hoping for a potential bounce.
The situation is quite opposite in the technical department, however, where most technical indicators are continuing to move lower. There were 27 indicating bearish trends versus only four that showed any bullish tendencies.
In other words, there appears to be significant divergence between sentiments and the actual trend, with the former being quite upbeat, while the latter remains under pressure.