On Wednesday, July 28, the XRP token reached a one-month high of $0.74 at the time. The asset is up 14 percent, according to CoinGecko.
As of this writing, the token is trading at $0.73.
The price hike came on the back of Ripple’s expansion in the Asia-Pacific region. The company announced the launch of a Japan-Philippines payment corridor based on an On-Demand Liquidity (ODL) solution that uses XRP as a bridge between fiat currencies.
Ripple was partnered by SBI Holdings’ Japanese money transfer provider SBI Remit and digital asset platform SBI VC Trade, as well as Philippine bitcoin payment service Coins.ph.
Ripple estimates that Filipino expats living in Japan send about $1.8 billion to their home countries each year. The Philippines is the third-largest remittance destination in the Land of the Rising Sun.
The company also noted that the cost of remittances from Japan (10.5% commission) is almost double the average of the G7 countries and Russia (5.92%).
Ripple has strong support from the Japanese community. The company has a long-standing partnership with SBI, XRP tokens are also used by Nomura Financial Holdings.
In December 2020, the SEC accused Brad Garlinghouse of selling unregistered securities under the guise of XRP tokens to retail investors. The parties have yet to resolve the conflict.
Japan’s FSA considers XRP to be a cryptocurrency, not a security. SBI Holdings and Nomura hold a similar view.
Earlier, Garlinghouse said that Ripple could leave the U.S. due to excessive regulatory pressure on the cryptocurrency industry. He named the United Kingdom, Switzerland, Singapore and Japan as possible countries to move to.
In March, the head of Ripple noted that the SEC lawsuit had not harmed its business in the Asia-Pacific region. According to him, the company was able to continue to grow in Asia and Japan because there is a clear regulatory framework in those markets.
Recall that in March, Ripple acquired 40% of the Asian company Tranglo, which specializes in cross-border payments.