A recent study by the City of Hong Kong University has found that XRP, the cryptocurrency associated with Ripple, is the most popular digital currency in Japan. The study, which has been circulating on Twitter, reveals that XRP’s popularity in Japan even surpasses that of the United States.
XRP Leads in Spot Trading Volume in Japan
According to the study, XRP had the highest spot trading volume in Japan in February 2022, with nearly 1.36 billion units traded. This was significantly higher than Bitcoin’s trading volume, which was approximately 180,000 units during the same period.
XRP is More Popular in Japan Than the U.S.
Hong Kong study on why #XRP is the second most popular crypto in Japan.
With nearly 1.36 billion units traded in February 2022, XRP was the cryptocurrency with the highest spot trading volume in Japan.#SBIhttps://t.co/qbFxH6zF8r pic.twitter.com/JErrEFQSrX
— 🌸Crypto Eri 220k+ Followers (Beware of Imposters) (@sentosumosaba) February 19, 2023
The Hong Kong-based study cites a June 12 survey by Japanese cryptocurrency exchange BITMAX, which found that XRP’s popularity among Japanese traders is comparable to that of Bitcoin. Of the 1,498 respondents surveyed, 25% stated that XRP was their favorite cryptocurrency, while 26% preferred Bitcoin. Ethereum came in third place, with 9% of respondents naming it as their preferred digital asset.
Market Outlook for XRP
Despite XRP’s popularity in Japan, the cryptocurrency has struggled to gain traction in the wider market. At the time of writing, XRP was trading at $0.3928, with its 1-day chart showing that the bears have had the upper hand against the bulls. However, an upside breakout could give the bulls renewed strength to rise above the 200-day Exponential Moving Average (EMA), which is widely used as an indicator of long-term trends. Crossing above the 200-day EMA is seen as a technical signal of a trend change
As the cryptocurrency market continues to evolve, it remains to be seen whether XRP can maintain its popularity in Japan and beyond.