$XRP’s strong popularity in Japan and South Korea is tied to something much bigger than crypto hype. According to Fiona Murray, Ripple APAC VP, decades of ultra-low interest rates pushed retail investors across Asia to search for alternative assets long before crypto became mainstream.

Speaking about the trend, Murray said, “In countries like Japan and Korea, we see retail holders of $XRP as a store of value and looking for that next piece.” She also explained why Japan became the world’s largest retail FX trading market: “They’ve had a lower negative interest rate environment for decades now.”

That mindset created what many call the famous “Mrs. Watanabe” effect. During the 1990s and 2000s, Japanese retail…