XRP has been integrated into Rakuten Wallet, opening access to 44 million users in Japan. This allows users to use XRP for payments at over 5 million merchant locations.
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XRP has entered a new chapter in Japan’s payments market after Rakuten Wallet connected the token to Rakuten Pay and Rakuten Cash, giving millions of everyday users a route to interact with the cryptocurrency through an ecosystem they already use.
The development is one of the most talked-about XRP adoption stories of the year, among many others. Crypto commentator Dr. Kamilah Stevenson relayed a message for investors fixated on XRP’s price chart: they are watching the wrong screen, while the XRP ecosystem is quietly being opened to 44 million new users.
Stevenson’s comments are based on one idea: XRP adoption may be moving forward beneath the surface even when price action looks quiet. According to the crypto commentator, many investors judge adoption by whether the price jumps immediately after a headline. That is the wrong way to measure developments like the Rakuten Wallet rollout.
As noted by Stevenson, 44 million people just got access to XRP. However, that is not a claim that 44 million people have bought the cryptocurrency. Instead, it references Rakuten Wallet, which added XRP to its Rakuten Pay app, allowing its 44 million users to use the cryptocurrency as a payment method across more than 5 million merchant locations in Japan.
Therefore, this implies that a consumer base of 44 million users now has access to XRP anytime they want, particularly to be used as a payment option. That matters for XRP because the cryptocurrency’s long-running investment thesis has always leaned heavily on payment utility. It also plays into the trend of an outlook of adoption by financial institutions. As noted by Stevenson, “this is exactly what institutional adoption looks like, and most people are completely missing it.”
Most crypto investors, especially retail traders, are always chasing headlines and expect the XRP price to jump very quickly to moves like this. However, there is a risk in expecting adoption to show up instantly on the price chart.
Rakuten Wallet's integration allows 44 million users to access XRP, significantly expanding its potential user base in Japan.
Rakuten Wallet users can use XRP as a payment method at over 5 million merchant locations across Japan.
The adoption of XRP in Japan's payments market indicates a growing acceptance of cryptocurrency for everyday transactions, potentially influencing future market trends.
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On the other hand, real adoption doesn’t move prices immediately. Institutional money doesn’t move on headlines. The more important things are transaction volume, merchant adoption, and proof of concept at scale.
That view fits the Rakuten development more closely than a simple bullish price headline would. Rakuten Wallet’s rollout allows users to convert Rakuten Points into XRP, trade the asset in-app, and charge Rakuten Cash through Rakuten Wallet for spending with Rakuten Pay.
Interestingly, the Rakuten development is one of many that are increasing the utility of XRP and the entire XRPL ecosystem on a global scale. While retail traders are watching the price chart, the real money is watching the infrastructure quietly built underneath.
XRP trading at $1.41 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com