Will XRP Price Surge in August This Year Due to Intense Usage in Tokyo Olympics?

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Updated on Jul 9, 2024

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With the 2020 Olympics taking place in Tokyo, Japan,
A lot of people will visit the crypto-friendly nation where they will be able to pay with XRP
Which might boost the coin's usage.
With XRP being one of the coins that the platform is covering,
And the platform itself being quite reputable and trustworthy, these partnerships are guaranteed to persist.
Crypto firms and financial institutions around the world are employing this platform's blockchain analytics
For meet regulatory compliance and risk management.

2020 is expected to be a big year for cryptocurrencies, and for a number of reasons. Predictions regarding Bitcoin surge have already been making headlines for weeks, if not months. However, many predict that altcoins will also explode for their own reasons throughout the year, especially when it comes to XRP.

Recently, The XRP Daily posted Ripple employees’ predictions for 2020, while including the thoughts and predictions of some of Ripple’s partners. Among them was Tomoyuki Nii, the Executive Officer for Overseas Investment at SBI Investment.

He stated that “At the Tokyo Olympics, a lot of people will come to Japan. They will be shopping and traveling around and
they will be able to use XRP in a secure way, protected by a platform like Elliptic.”

Japan is becoming increasingly XRP-friendly

As many likely know, Ripple, the crypto startup that has developed XRP, has been making deals with banks around the world, offering its payment processing system that uses XRP. Thanks to the ability to perform instant payments even when it comes to international transactions, banks from around the world have been attracted to Ripple products.

Banks in Japan have been massively adopting XRP as a result, as it was reported by many news outlets back in December 2019.

Another thing to note is that Japan will be hosting the Olympics in 2020, as mentioned by Tomoyuki Nii. With an event as massive as the Olympics, people from all corners of the world will be traveling to the island nation, and a fair number of them are likely to be crypto users.

With crypto adoption around the world still progressing rather slowly, these crypto-using visitors are more than likely to use the opportunity and try making payments via cryptocurrencies. And, as mentioned, XRP is becoming rather big in Japan, which means that the majority of crypto payments are likely to use this particular altcoin.

Blockchain analysis platform Elliptic to increase security

Not only is using XRP for payments much faster and cheaper, but it is also much safer, as Tomoyuki Nii also pointed out. The reason for this is the platform known as Elliptic, which empowers financial institutions and businesses to deliver safe and trusted services in digital
currency.

Many have even predicted that XRP will be the official cryptocurrency of the Tokyo Olympics, as tourists will stream into the country, and the demand for crypto will skyrocket. With traditional money exchanges being overwhelmed — as seen in Beijing 2008 and Rio de Janeiro 2016 — crypto exchanges will get their chance to show the simplicity and speed of crypto trading, as well.