XRP traders turn bullish as Rakuten points go live

XRP has seen a sharp rise in bullish social sentiment after Rakuten Wallet launched new XRP features in Japan. 

The update allows users to convert Rakuten loyalty points into XRP and use the asset for payments. Rakuten Wallet has launched XRP spot trading and payment features for users in Japan. The update allows customers to convert Rakuten loyalty points into XRP through the mobile app.

Users can also use XRP for payments at more than 5 million merchant locations across Japan. Payments are made through QR codes linked to Rakuten’s wider retail network.

XRP gains exposure to Rakuten users

RippleX described the launch as one of the largest retail deployments of XRP to date. Rakuten Pay has about 44 million active users, giving XRP access to a large consumer base.

The Rakuten ecosystem also has more than 3 trillion loyalty points in circulation. That equals about $23 billion in points that can now be converted into XRP.

Santiment reports rising XRP sentiment

Santiment said XRP is now seeing its second-highest bullish sentiment across social media in two years. The platform linked the rise partly to the Rakuten integration.

Santiment said these events do not often cause instant price breakouts. It added that price effects may appear after early excitement and FOMO cool down.

Despite the adoption news, XRP traded at $1.37 at the time of reporting. The token fell 1.77% in 24 hours and 3.66% over the past week.

XRP has a market cap of about $84.42 billion, with 62 billion tokens in circulation. Santiment noted that XRP’s market value has declined about 55% over the past nine months.

Rakuten Wallet is also running a promotion for early users. Customers who buy 30,000 yen or more in XRP can receive 500 yen worth of XRP, while those buying 100,000 yen or more can receive 1,500 yen.