XRP Breaks $1.37 as Rakuten Launches Token Payments for 44M Users
Japan's e-commerce giant Rakuten has added XRP to its Rakuten Pay app, letting 44 million users spend the token across more than 5 million merchants. The move ties XRP into one of Japan's biggest loyalty ecosystems and gives the current price rally a fresh demand narrative.
Quick Insights
- Rakuten has added XRP to its Rakuten Pay app, giving 44 million users access to spend the token at over 5 million merchants across Japan.
- XRP climbed from $1.32 to roughly $1.38 on strong volume and whale accumulation, though it remains within a broader downtrend channel.
- Global XRP investment products pulled in around $120 million last week, their strongest weekly intake since December 2025, while US spot ETF flows remain comparatively modest.
XRP is climbing on one of the most tangible adoption stories the token has seen in years. Japan's e-commerce giant Rakuten launched XRP as both a tradable asset and a payment method inside its Rakuten Pay app on April 15. The move connects the token to 44 million users and over 5 million merchants across Japan.
The price has responded. XRP rose from around $1.32 to $1.38 over the past few sessions, with volume backing the move rather than thin liquidity. The rally still sits inside a broader downtrend, though, and traders want to see the breakout hold above key resistance before calling a shift in trend.
Rakuten Ties XRP to a $23 Billion Loyalty Ecosystem
The integration goes well beyond a simple exchange listing. Rakuten Wallet now lets users buy XRP with Rakuten Points, the company's loyalty currency. Roughly 3 trillion points are in circulation, worth an estimated $23 billion. Users can also convert XRP into Rakuten Cash and spend it at any merchant that accepts Rakuten Pay, making this one of the largest crypto-to-payments bridges live anywhere in the world.
Rakuten already supported Bitcoin, Ether and Bitcoin Cash through similar features launched in earlier years. Adding XRP extends that setup to a token with deep roots in the Japanese market. It is listed on 20 regulated exchanges under the JVCEA Green List and sits behind only Bitcoin and Ethereum in institutional breadth. For readers less familiar with tokens beyond Bitcoin, our altcoins guide covers where XRP fits in the wider landscape.
"The fact that XRP is now embedded into its loyalty and payments infrastructure is a powerful signal of where digital asset adoption is heading."
Ripple's relationship with Japan runs through SBI Holdings, one of the country's largest financial groups. The two companies have worked together since 2016 through their joint venture SBI Ripple Asia. That alliance has produced cross-border payment corridors across Japan, South Korea, India and the Philippines, along with a recently approved XRPL-based token platform registered under Japan's Payment Services Act.
$120 Million in Weekly ETP Flows Led by European Demand
The Rakuten news lands during a period of renewed interest in XRP investment products. CoinShares data for the week ending April 11 shows global XRP exchange-traded products pulled in roughly $120 million in net inflows. That was the strongest weekly figure since mid-December 2025, and it made XRP the top asset class among crypto ETPs, ahead of Bitcoin's $107 million.
The geographic split matters, though. Most of that demand came from European products, especially Switzerland, which drove around 70% of total global crypto ETP inflows that week. US spot XRP ETFs added only a small share. After pulling in $666 million in their first month following launch in late 2025, American inflows have tapered sharply. Just $12 million has come in so far this April.
| Metric | Value | Trend |
|---|---|---|
| XRP Price | ~$1.37 | +4.5% (24h) |
| Weekly Global ETP Inflows | ~$120M | Highest since Dec 2025 |
| US Spot XRP ETF (April) | ~$12M | Modest recovery |
| Total US XRP ETF AUM | ~$1B (7 funds) | Growth stalling |
| XRP from All-Time High | $3.65 (Jul 2025) | -62% |
Seven spot XRP ETFs now manage combined assets near $1 billion. The SEC and CFTC classified XRP as a digital commodity in March 2026, which was a key milestone. But that clarity alone has not reignited the sustained buying the token saw during its ETF launch window.
XRP Breaks $1.33 Resistance but Broader Downtrend Holds
The breakout above the $1.325 to $1.33 resistance zone matters because it came on real volume, not a thin-book spike. Whale accumulation and rising open interest show larger players building positions. That usually points to something more lasting than a quick bounce.
The broader structure has not flipped bullish yet, though. XRP remains inside a descending channel that has held since its July 2025 peak at $3.65. One push through near-term resistance does not erase months of lower highs. Price is now sitting just below $1.38, suggesting the first impulse has been absorbed while the market waits for a fresh trigger.
- $1.37 is now acting as the pivot for this breakout. Holding above it keeps the short-term structure constructive.
- $1.40 to $1.42 is the zone where the rally either proves itself or stalls. A clean break here would mark the first higher high in the current downtrend.
- A drop back below $1.32 to $1.30 would invalidate the breakout and put XRP back into its previous range, with $1.20 as the next significant support based on the 30-day realized price.
Real Utility Versus Speculative Momentum
What separates this rally from previous XRP bounces is the demand story behind it. The Rakuten integration is not a partnership press release or a testnet pilot. It is a live payment rail inside one of Japan's biggest consumer platforms, and it went live the same day the price started moving. That gives the breakout a real anchor.
The broader picture in Japan backs it up. SBI Holdings launched a 10 billion yen ($64 million) blockchain bond earlier this year that pays investors in XRP. That was a first for a major Japanese financial institution. SBI Ripple Asia has also completed a regulated XRPL-based token platform and started active investment operations this month. These are live products in a regulated market, not items on a roadmap. The trend fits a wider pattern of institutional tokenisation gaining ground across traditional finance.
Whether this turns into lasting price momentum is less clear. ETF flow data shows international institutions are interested, but American buyers have not returned in force. Open interest is rising, yet realized losses across the XRP holder base remain high. Some holders are using the rally to exit, not to add. The Rakuten deal strengthens XRP's case for long-term utility, but the market still has to decide whether that is enough to break an eight-month downtrend.
