Thailand’s Securities and Exchange Commission confirmed that XRP (XRP-USD) was the strongest performer among all major assets in August. The token surged 390% compared to the same time last year, making it the best return in the country.
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XRP has now been Thailand’s top asset for nine straight months. It beat gold (CM:XAUUSD), equities, Bitcoin, and Ethereum, proving its strength in a market that is becoming more crypto-friendly by the month.
Ethereum Pushes Out Gold
Ethereum joined the top three performers in August, replacing gold. This pushed the old safe haven out of the podium for the first time in months. Bitcoin and Ethereum rounded out the top three, but neither could catch XRP’s performance.
Solana was the last asset other than XRP to hold the number one spot in Thailand. Since then, XRP has dominated the rankings, holding a lead that no other coin or asset has managed to challenge.
Trading Volumes Keep Rising
Thailand’s crypto market is expanding alongside XRP’s performance. The SEC report said monthly trading volume rose 2.05% in August to 299.4 billion baht, or about $8.2 billion. At the same time, active accounts jumped 8.44% to 230,000.
Retail investors made up the largest share of trading at 42%. They were followed by institutions at 21%, juristic persons at 18%, and foreign investors at 16%. The numbers show that crypto is becoming a mainstream part of Thailand’s financial market.
Barriers Are Still in Place
Even with its popularity, crypto is still not allowed as a general means of payment in Thailand. There are limited exceptions, like a small pilot program for tourist transactions. The government continues to restrict direct use cases.
But demand is still growing. On social media, some pointed out that crypto could provide an alternative for the more than 3 million people who recently lost bank access in a crackdown on “mule accounts.” These were once legitimate bank accounts later sold or rented to criminals.
It Shows a Shift in Financial Habits
The crackdown has also touched cryptocurrency exchanges, making self-custody more important. Locals may need to quickly learn how to manage wallets and digital assets directly. For many, this could be their only option to stay connected to financial markets.
The Thai SEC’s report makes clear that while there are limits, the momentum is undeniable. XRP is leading the pack, but the larger story is that crypto is becoming central to Thailand’s market in a way that traditional assets can no longer match.
At the time of writing, XRP is sitting at $3.04.
