A recent report from Thailand’s financial regulators indicates that XRP is outperforming all other assets in the nation. The altcoin’s $8.2 billion trade volumes have proven to be more appealing than both gold and Bitcoin.
This trend appears to have persisted for several months, marked by substantial organic retail adoption. XRP’s rising popularity in Thailand could ignite significant retail interest in the altcoin throughout Southeast Asia.
Why Does Thailand Favor XRP?
The Thai government has initiated several experiments within the crypto sector, including the launch of a major payments platform and the tokenization of its sovereign debt bonds. This reflects a strong appetite for crypto investments among the Thai populace, who seem to favor XRP.
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As per a report from Thailand’s Securities and Exchange Commission, XRP surpassed all major asset classes in the country, climbing 390% year-on-year in August. It outperformed leading tokens like BTC and ETH, alongside traditional commodities like gold.
Thailand’s appreciation for XRP is significant for various reasons. It indicates a committed local market for this asset; the SEC reported that XRP was the country’s most lucrative asset for nine consecutive months this year.
Steadfast Retail Enthusiasm
XRP’s token value faced a stagnation for much of the last ten months, yet this did not seem to dissuade Thailand. It’s important to note that, while there hasn’t been a major price collapse, the sustained loyalty through prolonged market slumps is intriguing:
This XRP trade volume was not merely a quirk of the international finance system, as retail investors made up the largest share of trading activity in Thailand.
In August, monthly trading volume surged to approximately $8.2 billion, with retail traders accounting for 42% of this total. In contrast to institutional investors and foreign participants, grassroots loyalty emerges as the dominant influence.
Comparing this to XRP in the US, despite REX-Osprey’s new XRP ETF generating significant buzz in this market, it had little impact on token prices or trading volume.
While institutional capital has significantly elevated crypto’s visibility, retail trade volumes remain crucial.
Interestingly, XRP is a favored choice among unbanked individuals in Thailand, who prefer the popular token over traditional options like BTC. As the altcoin’s ecosystem continues to evolve, this preference could be a substantial asset for Ripple’s future endeavors.
If Ripple can identify and replicate the attributes that contribute to XRP’s popularity in Thailand, it could lay the groundwork for future marketing strategies.
