XRP has experienced a surge in optimistic social sentiment following the introduction of new features by Rakuten Wallet in Japan. This development allows Rakuten loyalty points to be exchanged for XRP, which can then be used for payments at over five million merchants across Japan through QR code transactions.
The integration, highlighted by RippleX as one of the largest retail rollouts of XRP, provides access to Rakuten’s extensive user base of approximately 44 million active accounts. With more than three trillion loyalty points in circulation, equivalent to about $23 billion, the potential conversion into XRP is substantial.
Data from Santiment indicates that XRP’s bullish social sentiment has reached its second-highest level in two years, largely attributed to this partnership. However, Santiment cautions that such events typically do not trigger immediate price surges, as market movements often follow after initial excitement subsides. At the time of reporting, XRP was trading at $1.37, reflecting a 1.77% decline over 24 hours and a 3.66% drop over the past week. The token’s market capitalization stands at approximately $84.42 billion, with 62 billion tokens in circulation. Santiment also notes that XRP’s market value has decreased by about 55% over the last nine months.
To incentivize early adoption, Rakuten Wallet is offering promotions: customers purchasing 30,000 yen or more in XRP receive 500 yen worth of XRP, while those buying 100,000 yen or more receive 1,500 yen.