Study: XRP More Popular In Japan Than US, But Bulls Lack Strength
February 20 2023 - 7:10AM
NEWSBTC
XRP is the most popular cryptocurrency in Japan, according to a
recent study by the City of Hong Kong University that is currently
circulating on Twitter. According to the study, XPR is even more
popular in the Land of the Rising Sun than in the United States of
America. Popular XRP community member Crypto Eri drew attention to
it. With nearly 1.36 billion units traded in February 2022, XRP was
the cryptocurrency with the highest spot trading volume in Japan.
In the same month, Bitcoin had a trading volume of about 180,000
units, the study claims in regards to the chart below. Furthermore,
the Hong Kong-based study cites a June 12 survey by Japanese
cryptocurrency exchange BITMAX, according to which XRP’s popularity
among Japanese traders is comparable to Bitcoin’s. 1,498
respondents (25%) said XRP was their favorite cryptocurrency,
compared to 26% who cited BTC as their preferred crypto asset. 9%
named Ethereum ETH in third place. Related Reading: XRP Price Still
Looks Bearish, But This Ripple Visa Rumor Might Change It That’s
Why XRP Is So Popular In Japan The study attributes XRP’s success
in Japan to Ripple’s partnership with SBI Holdings. “Many
Westerners don’t understand why Ripple has become so popular in
Japan. Once one is familiar with Japanese customs and the
confidence that Japan’s largest venture capital fund has in Ripple,
the whole thing becomes clear,” the study says. So the key factor
behind the popularity is allegedly the investment from “Japan’s
most prestigious venture capitalist.” According to the study, this
is the main driver of Ripple’s success in Japan, as Japanese – as a
2022 study found – tend to give institutions a higher standing than
the West. In 2017, SBI Holdings invested nearly 300 million in
Ripple. The two companies formed a joint venture, SBI Ripple Asia,
and in April 2019, SBI CEO Yoshitaka Kitao became a board member at
the fintech company. Remarkably, the SEC complaint declares SBI’s
investment as an improper sale of a security to SBI Holdings.
Related Reading: XRP Price Prediction: Risk of Bearish Break Below
$0.38 Ultimately, SBI’s Ripple partnership gives XRP unparalleled
credibility in the country, the research asserts. Putting a damper
on XRP’s lower popularity in the U.S. is certainly the lawsuit
filed by the U.S. Securities and Exchange Commission, which has
caused U.S. exchanges to delist the XRP token. XRP Bulls Lack
Strength A look at the 1-day chart of XRP reveals that the bulls
still could not gain the upper hand against the bears. At press
time, XRP was trading at $0.3928, ranging between $0.3801 and
$0.4052. An upside breakout could give the bulls renewed strength
to rise above the 200-day Exponential Moving Average (EMA). The
200-day EMA is widely used as indicators of long-term trends. When
a price crosses above the indicator, it is a technical signal of a
trend change. Afterwards, the price level of $0.445 could come into
focus. It served as a key support on the 1-day chart from
mid-September to early November 2022. Therefore, this price
level may be considered the ultimate challenge for XRP bulls.
Featured image from iStock, Chart from TradingView.com
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