XRP is making waves in Latin America’s crypto market, according to a new report from Bitso, a major crypto platform. It’s become a surprisingly popular payment option, accounting for a significant 9% of all crypto purchases on the platform. This is a huge jump from 2023, when it was practically absent from average user portfolios.
Mexico Leads the Charge
Mexican users are the driving force behind this XRP surge. They accounted for a whopping 10% of all XRP purchases on Bitso, even as overall platform activity slowed down. This is especially interesting given Bitso’s high volume of US-to-Mexico remittances – Ripple processed a massive $3.3 billion through Bitso in 2022 alone.
XRP’s Portfolio Powerhouse
The most striking finding? XRP’s explosive entry into Latin American crypto portfolios. In 2023, it was practically nonexistent. Fast forward to 2024, and it’s now in 13% of portfolios! This rapid adoption shows growing confidence in XRP among investors in the region.
Bitcoin and Stablecoins Still Reign Supreme
While XRP’s growth is impressive, Bitcoin and stablecoins still dominate the Latin American crypto scene. Bitcoin accounted for 22% of purchases in 2024 (down from almost 30% earlier in the year), and stablecoins led the pack with nearly 40%. Stablecoins’ popularity likely stems from their use as a hedge against inflation and as an entry point for other crypto investments.
What Fueled XRP’s Popularity?
Several factors likely contributed to XRP’s surge:
- Price Appreciation: XRP’s price soared by 230% in 2024, its best performance since 2021. Much of this happened in the fourth quarter.
- Political Hopes: The report suggests that Donald Trump’s presidential win and Gary Gensler’s resignation as SEC Chair fueled optimism about potential regulatory clarity for XRP and Ripple, which has been embroiled in legal battles.
In short, XRP has experienced a remarkable rise in Latin America, becoming a significant player in the region’s crypto market. While Bitcoin and stablecoins remain dominant, XRP’s rapid growth is a story worth watching.