New statistics published by the Crypto Bitso platform show that XRP, as a payment option, is gaining ground with consumers from Latin America. XRP currently represents 9% of all purchases on the platform and wins on much older crypto options like Ethereum and Solana. This marks a huge reversal of 2023 when the token barely recorded in a portfolio of average customers in Latin America.
Mexican users lead to XRP adoption throughout the region
The interest in XRP among the Latin American countries was propelled by Mexican merchants of cryptocurrency. In the Bitso report, Mexican users applied 10% of all cryptocurrency purchase activities to XRP storage. This model occurred as the total activity of the platform has slowed down, but the purchase of XRP has increased considerably against other cryptocurrencies.
The Mexican popularity of XRP is remarkable because Bitso has treated substantial volumes of cross-border payments there. According to their reported volumes, Ripple treated $ 3.3 billion in funding via their channel with Bitso in 2022 from the United States to Mexico.
Source: Bitso
The composition of the wallet reflects a drastic point in XRP Holdings
In such a context, the Bitso report highlights the most impressive discovery: the rhythm with which XRP arrived at the portfolios of the Latin American cryptos. In 2023, XRP was nonexistent in the typical composition of the portfolio of Latin-American Bitso Latin customers. In 2024, this number had increased to 13%, reflecting a seismic change in local investment models.
Source: Bitso
This rapid adoption means that user portfolios in the region now include an important XRP component, despite the token not to register in portfolio statistics a year earlier. Change indicates growing confidence in XRP among Latin American investors in cryptocurrency.
Bitcoin and Stablecoins always dominate trading activity
Although XRP has demonstrated impressive growth, Bitcoin and Stablecoins are still the main options among users of Latin American cryptography. Based on the Bitso report, Bitcoin represented 22% of the total purchases on the platform in 2024, a decrease of almost 30% in the first half.
Stablecoins led all categories of cryptocurrency with almost 40% of purchases awarded to these pointed cryptocurrencies in dollars. The call of the Stablescoin is probably due to their application as a coverage of the inflation of local currencies and entry point for other cryptographic investments.
Political changes and price performance stimulate interest
The assessment of prices of 230% XRP in 2024 – its best since 2021 – also helped make it so popular. The majority of the rally, according to the report, took place in the fourth quarter of the year.
The hope for XRP seems to be linked to American political events. The report indicates that Donald Trump’s presidential victory and the resignation of the President of the SEC, Gary Gensler, aroused new interest in XRP. These triggered expectations of a possible regulatory clarity which could promote XRP and his parent company Ripple, which faced legal battles with American regulators.
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