Japan’s leading e-commerce platform, Rakuten, has recently integrated Ripple’s XRP into its wallet services, enhancing its payments ecosystem for a user base of approximately 44 million people across the country. This integration enables users to engage in spot trading of XRP through Rakuten Wallet, in addition to other cryptocurrencies like Stellar (XLM), Dogecoin (DOGE), Shiba Inu (SHIB), and Toncoin (TON).
Users can convert their Rakuten Points into XRP via the company’s FSA-licensed exchange, and then use this balance as Rakuten Cash at over 5 million participating merchants. The process is designed to facilitate transactions; customers do not hold XRP directly at the point of sale, while merchants receive payments in yen, not cryptocurrency. Notably, more than 3 trillion Rakuten Points—valued at approximately $23 billion—are available for conversion, although accessing this value remains confined within Rakuten’s loyalty program.
Operating under strict Financial Services Agency (FSA) regulations and Joint Virtual Currency Exchange Association (JVCEA) membership, Rakuten Wallet is built on a regulatory framework established by industry player SBI Holdings. This adds a layer of credibility to the integration.
However, inquiries into the practical implications of XRP’s integration suggest that the claimed figure of 44 million users may not accurately reflect direct cryptocurrency usage. Most conversions happen behind the scenes; users are generally unaware of the underlying crypto transactions while they convert points to yen without actively engaging with digital assets. Therefore, the integration serves more as a payment feature enhancement utilizing blockchain technology rather than indicating a widespread consumer interest in actively buying and holding XRP.
The broader Rakuten ecosystem encompasses over 100 million registered member IDs, with the company having issued approximately 620 billion points in 2022 alone. Furthermore, anticipated integration with Rakuten Bank, discussed during the company’s recent annual meeting, aims to facilitate straightforward fiat-to-XRP conversions across 17 million banking accounts by the third quarter of 2026.
In the context of market dynamics, XRP has recently encountered notable pressure, particularly in the derivatives market. Open interest in XRP perpetual contracts plummeted by 71%, decreasing from 7 billion to 2 billion tokens. Additionally, trading volume on Binance has dropped to its lowest levels in several years. An analyst, Ali Martinez, has identified a significant nine-year ascending triangle pattern in XRP’s charts, indicating possible support levels between $0.75 and $0.80 before any substantial market movement.
