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Ripple’s native cryptocurrency, XRP (XRP/USD) was the leading cryptocurrency regarding adoption in the UK in Q3 2021. Leading crypto exchange eToro revealed this news through a report, noting that Brits have been increasingly purchasing the sixth-largest currency, as well as Cardano (ADA/USD), which became the second most preferred cryptocurrency in the country.
Reportedly, XRP’s adoption in Great Britain swelled 4% from Q2 to Q3 2021. In the year-over-year (YoY) performance, XRP’s adoption has surged by 105%. On the other hand, ADA, which is currently the fourth-largest crypto, toppled Ethereum (ETH/USD) after its adoption in the country rose by 11% for Q2 to Q3 and 1230% YoY.
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Although the retail investors are focusing on altcoins, Bitcoin’s (BTC/USD) adoption increased by 2% from Q2 to Q3 and 325% YoY. Per Simon Peters, eToro’s Crypto Market Analyst, these figures indicate that cryptocurrencies have captured the attention of retail investors over the past 12 months. He added that digital assets are proving to be vital components of many portfolios.
Peters further noted that,
XRP is similar – its growth quarter on quarter is just 4% but a lot of our investors are holding it. Some bought it way back in 2017, others more recently. There is a strong community of XRP supporters who believe in its long-term potential.
Ripple continues growing its presence in the UK
While Ripple Labs is currently ensued in a legal battle with the US Securities Exchange Commission for allegedly conducting an unregistered securities sale, the San Francisco-headquartered company is getting a warm reception in the UK. Reportedly, the firm partnered with the Digital Pound Foundation to expedite the development of the UK’s central bank digital currency (CBDC).
According to Ripple’s Head of Policy Susan Friedman,
The Foundation will help advance the UK’s goal to build a more inclusive and sustainable financial system.
Despite these developments, XRP’s daily performance is poor, with the coin losing 1.52% over the past 24 hours to change hands at $1.12 (£0.81). However, the token has gained over 50% in the past 90 days.
Unlike other cryptocurrencies that surged past their all-time highs earlier this year, XRP only surged to $1.96 (£1.42) before plunging once again during the crash. At the time of writing, XRP is down 70.74% from its January 2018 ATH of $3.84 (£2.79).