A new report from Thailand’s financial regulators shows that XRP is outperforming all other assets in the country. The altcoin’s $8.2 billion trade volumes were more attractive than gold and Bitcoin alike.
Apparently, this trend has continued for several months, with high levels of organic retail adoption. XRP’s popularity in Thailand could drive significant retail interest in the altcoin across Southeast Asia.
Why Does Thailand Love XRP?
The Thai government has conducted a few experiments in the crypto industry, launching a major payments platform and tokenizing its sovereign debt bonds. This reflects a healthy appetite for crypto investment among Thailand’s people, who are apparently showing favorability towards XRP.
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According to a report from Thailand’s Securities and Exchange Commission, XRP outperformed all major asset classes in the country, soaring 390% year-on-year in August. It outmatched leading tokens like BTC and ETH alongside traditional commodities like gold.
Thailand’s appreciation for XRP is important for several reasons. It signifies a committed local market for this asset; the SEC reported that XRP was the country’s most profitable asset for nine straight months this year.
Dogged Retail Enthusiasm
XRP’s token value spent most of the last ten months in a slump, but this apparently didn’t deter Thailand. To be clear, there hasn’t been any major price collapse, but it’s very interesting that this loyalty remained through extended market doldrums:
XRP Price Performance. Source: CoinGeckoThis XRP trade volume was not just a quirk of the international financial system, as retail investors made the largest share of activity in Thailand.
In August, monthly trading volume rose to around $8.2 billion, and retail traders contributed to 42% of this sum. Compared to institutions, foreign investors, etc, grassroots loyalty is the dominant force.
Contrast this performance to XRP in the US. Although REX-Osprey’s new XRP ETF made a huge splash in this market, this success had basically no impact on token prices or trade volume.
Institutional capital has done a lot to boost crypto’s prominence, but retail trade volumes are very crucial.
Notably, XRP is a favorite for debanked individuals across Thailand, preferring the popular token over classics like BTC. As the altcoin’s ecosystem develops, this preference could be a strong asset for Ripple’s future plans.
If it can identify and replicate the factors that make XRP so popular here, that could form the basis of future marketing strategies.
Source: https://beincrypto.com/thailand-xrp-outperform-bitcoin-ethereum-gold/
