Will XRP Become the Official Cryptocurrency of the Tokyo Olympics?

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In October 2018, a petition initiated by former Japanese professional baseball player Takeshi Takahashi gained unexpected momentum. Launched 10 months earlier, the campaign aimed to make XRP the official digital currency of the 2020 Tokyo Olympics. By October 7, it had surpassed its initial goal of 7,500 signatures, reaching over 8,200—sparking widespread speculation: could Ripple’s native token truly become part of one of the world’s most prestigious international events?

While the idea of using XRP to purchase Olympic tickets may sound far-fetched, it reflects a deeper truth: in Japan, XRP isn’t just another cryptocurrency. It’s viewed by many as a symbol of financial innovation rooted in trust, speed, and institutional adoption.

The Rise and Stagnation of XRP

If there’s one word to describe XRP’s trajectory in recent years, it might be “resilient.” Once a dominant force in the crypto space, XRP has seen its spotlight dim amid the rise of Ethereum, Litecoin, EOS, and newer blockchain platforms.

Yet, its legacy is undeniable. In 2017, XRP surged by an astonishing 36,018%, outperforming every other major digital asset. On New Year's Day 2018, its market cap approached $142 billion—briefly surpassing Ethereum and securing its place as the second-most valuable cryptocurrency.

This meteoric rise catapulted co-founder Chris Larsen into the upper echelons of global wealth, with an estimated net worth of $58 billion at the peak—placing him among the top ranks of the Forbes Billionaires List.

Among the top 20 cryptocurrencies from five years ago, only three have maintained lasting relevance: Bitcoin, Litecoin, and XRP. That endurance speaks volumes about its underlying infrastructure and regional appeal.

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Why Japan Trusts XRP

Asia accounts for roughly one-third of the global cryptocurrency market, with China, Japan, and South Korea serving as key hubs of adoption. But within this landscape, Japan stands out for its unique affinity toward XRP.

The reason? Banking integration.

Unlike many decentralized cryptocurrencies that operate outside traditional finance, XRP is closely associated with Ripple Labs—a company actively collaborating with financial institutions worldwide. In Japan, several major banks have been testing Ripple’s enterprise solutions for cross-border payments.

Experts note that Japanese investors tend to favor assets endorsed or utilized by established financial entities. Since institutions like SBI Holdings and others in Japan have partnered with Ripple, public confidence in XRP has grown significantly.

But here's a crucial distinction: Ripple’s technology is not the same as XRP itself.

Banks aren’t using XRP directly. Instead, they leverage Ripple’s suite of products—xCurrent, xRapid (now called On-Demand Liquidity), and xVia—for faster, cheaper international transactions.

While most institutional partners use xCurrent—which doesn’t require XRP—the potential for ODL to reduce reliance on pre-funded accounts makes XRP strategically valuable.

Speed, Efficiency, and Real-World Utility

One of XRP’s strongest selling points is performance. The network can handle up to 1,500 transactions per second, with settlement times averaging just 4 seconds. Compare that to:

For financial institutions processing high volumes of cross-border transfers, these metrics are game-changing. Traditional SWIFT transfers take 2–3 days and incur high fees. With Ripple’s technology, that time drops to minutes—and cost savings range from 40% to 70%.

This efficiency explains why banks like Santander (Spain), Standard Chartered (UK), and Axis Bank (India) have adopted Ripple’s solutions.

But again, most do so without touching XRP directly. That raises an important question:

Does widespread use of Ripple’s technology translate into long-term value for XRP holders?

The answer hinges on whether ODL sees mass adoption. If banks begin using XRP as a liquidity tool rather than maintaining nostro accounts globally, demand could surge.

Cultural Context: Stability Over Speculation

To understand Japan’s embrace of XRP, we must look beyond technology—to culture.

Japanese society values stability, hierarchy, and institutional trust. The concept of lifetime employment and seniority-based wages ("nenko joretsu") fosters a risk-averse mindset. As such, pure speculative investments like Bitcoin often face skepticism.

However, when a digital asset aligns with trusted systems—like banking networks—it gains legitimacy. For many Japanese investors, XRP represents crypto with credibility—a bridge between innovation and tradition.

This cultural alignment helps explain why grassroots movements—like Takahashi’s Olympic petition—gain traction. They aren’t just about utility; they’re about national pride and technological leadership.

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Frequently Asked Questions (FAQ)

Q: Was XRP ever officially adopted for the Tokyo Olympics?
A: No. Despite the petition gaining over 8,200 signatures, there was no official endorsement or integration of XRP into the 2020 Tokyo Olympics payment systems.

Q: Do banks actually use XRP?
A: Most banks use Ripple’s xCurrent system, which does not require XRP. However, some pilot programs have tested On-Demand Liquidity (formerly xRapid), which uses XRP as a bridge currency for faster settlements.

Q: Is XRP decentralized like Bitcoin?
A: Not entirely. While XRP operates on a distributed ledger, Ripple Labs maintains significant control over validator nodes and token distribution, leading to ongoing debates about centralization.

Q: Can XRP replace traditional banking infrastructure?
A: Not fully—but it can complement it. XRP excels in cross-border payments where speed and cost matter most. Full replacement would require broader regulatory acceptance and decentralization improvements.

Q: Why did the petition to make XRP an Olympic currency gain attention?
A: It highlighted growing public interest in digital currencies in Japan and reflected broader hopes for mainstream crypto adoption through high-profile events.

Q: What gives XRP long-term value?
A: Its value proposition lies in real-world utility—particularly in enabling fast, low-cost international remittances through On-Demand Liquidity. Wider adoption by financial institutions could drive sustained demand.

Looking Ahead: Can XRP Reclaim Its Spotlight?

Despite periods of stagnation, XRP remains one of the most discussed digital assets due to its strong institutional ties and proven scalability.

With over 1300 cryptocurrencies in existence, experts have identified only a handful—including XRP—as having potential to achieve Bitcoin-like impact. Whether it fulfills that promise depends on three factors:

  1. Regulatory clarity, especially following Ripple’s legal challenges in the U.S.
  2. Expansion of ODL usage among global financial institutions.
  3. Increased decentralization of the XRP Ledger to build broader community trust.

Japan’s continued support—both culturally and institutionally—positions XRP uniquely in the global crypto ecosystem.

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While it may never again dominate headlines as it did in early 2018, XRP’s focus on practical application over hype could ultimately prove more sustainable in the long run. For investors seeking digital assets with real-world utility, XRP remains a compelling case study in bridging blockchain innovation with traditional finance.

Core Keywords: XRP, Ripple, Tokyo Olympics, cryptocurrency adoption, cross-border payments, digital currency Japan, blockchain banking