A recent report from Bitso, a prominent crypto platform and long-standing partner of Ripple, has shed light on the growing interest in XRP among Latin American users. The findings from Bitso’s 2024 report indicate that, despite a general decrease in overall platform activity, XRP has garnered significant traction in the region, even surpassing major cryptocurrencies like Ethereum, Solana, and Dogecoin in purchase volume.
The report revealed that XRP accounted for 9% of all crypto purchases made on the Bitso platform in 2024. This was a notable increase compared to other prominent digital assets, with Ethereum, Solana, and Dogecoin accounting for just 5%, 4%, and 2%, respectively. XRP’s growing preference among Latin American traders shows a distinct shift in investment behavior, especially given that XRP is considered a more niche cryptocurrency compared to its more mainstream counterparts like Bitcoin and Ethereum.
XRP’s popularity within Latin America can be attributed to several factors, including potential regulatory clarity and its strong performance in the market. Ripple, the company behind XRP, has been actively working on expanding its presence in the region, particularly in the cross-border remittance sector. This ongoing push, coupled with the cryptocurrency’s relative affordability, may be encouraging more users in LATAM to diversify their portfolios and accumulate XRP.
Despite a general slowdown in activity on Bitso, the acquisition of XRP significantly increased last year. The report highlighted that, alongside Bitcoin and stablecoins, XRP saw substantial interest from Latin American users. Bitcoin, as expected, dominated the platform with an average of 22% of all purchases, although its share decreased from 28% in the first half of 2024. Stablecoins emerged as the dominant asset class, accounting for 39% of all transactions, reflecting a growing preference for digital assets tied to the US dollar.
However, XRP’s remarkable 9% share of all purchases signaled its prominence in the region, outpacing coins like PEPE, which only accounted for 6%. This suggests that XRP’s utility and strong price movement, especially in the last quarter of 2024, have caught the attention of LATAM crypto users.
The report also revealed that Mexican users were particularly fond of XRP, purchasing the most of the token among all Latin American countries. Along with stablecoins and Bitcoin, 10% of the buying activity in Mexico was focused on XRP, indicating that it has become a preferred asset for a considerable number of users. This is significant, considering the popularity of remittances in Mexico and the potential of XRP in facilitating fast, low-cost international transactions.
One of the most significant trends highlighted by the report was the shift in Latin American users' portfolio compositions. In 2023, XRP was not a part of the average portfolio of Bitso users in the region. However, this dramatically changed in 2024, with XRP now making up 13% of the average portfolio. This 13% share represents a sharp increase from the previous year and highlights the growing role that XRP plays in the investment strategies of LATAM traders.
This shift reflects a growing recognition of XRP as a valuable digital asset, especially after a stellar performance in 2024. XRP grew by an impressive 238% in 2024, marking its most significant rally since 2021. Much of this growth came during the last quarter of the year, a period that was fueled by a mixture of market optimism, Ripple’s ongoing legal battles, and favorable developments like regulatory clarity in key regions.
The report from Bitso also suggests that regulatory developments in the crypto space may have influenced the surge in XRP purchases. The resignation of US SEC Chairman Gary Gensler and the optimism surrounding regulatory clarity in the US could have contributed to an increased sense of confidence in XRP, both as an asset and as a viable option for cross-border payments. This, coupled with the renewed interest in Ripple’s technology, which has been actively involved in remittance services, likely played a role in XRP’s rising popularity in LATAM.
As a long-standing Ripple partner, Bitso has been instrumental in fostering the growth of XRP in Latin America. The exchange plays a key role in enabling cross-border remittances between the US and Mexico, processing billions in transactions. In 2022 alone, Bitso facilitated $3.3 billion in remittances, further strengthening the use case for XRP in facilitating low-cost, fast international payments.
The growth of XRP in Latin America also underscores the potential of Ripple’s technology in the region. With the company’s focus on remittances, business payments, and cross-border transactions, XRP is well-positioned to be a key player in LATAM’s expanding crypto ecosystem.
Bitso’s 2024 report highlights a significant shift in the preferences of Latin American crypto users, with XRP taking center stage. As XRP’s adoption continues to rise, especially in countries like Mexico, the token’s utility as a payment method and its potential for high returns make it a favorable investment choice in the region. Given the increasing regulatory clarity and Ripple’s strong foothold in the remittance market, XRP’s rise in Latin America is set to continue, driving further adoption of the cryptocurrency in the coming years.
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