New statistics released by Crypto Platform Bitso show that XRP, as a payment option, gets traction with Latin American consumers. XRP currently accounts for 9% of all purchases on the platform and receives much older crypto options such as Ethereum and Solana. This marks a huge turn from 2023 when the token was barely registered in an average customer portfolio in Latin America.
Mexican users operate XRP adoption throughout the region
Interest in XRP among the Latin American nations was run by Mexican Cryptocurrency trader. IN Bitos ReportMexican users used 10% of all Cryptocurrency activities to replenish XRP. This pattern occurred when the total platform activity slowed down, but the XRP purchase increased significantly against other cryptocorate.
Mexican popularity for XRP is remarkable as Bitso treated significant volumes of cross -border payments there. According to their reported volumes, Ripple treated $ 3.3 billion in transfers through its channel with BITSO 2022 from the United States to Mexico.
Source: Bitso
Portfolio composition reflects drastic nail in XRP holding
In such a context, the report from Bitso gets the most impressive discovery: the rate that XRP Come to the portfolios in Latin American crypt. From 2023, XRP was non-existent in the typical portfolio composition for Latin American Bitso clients. By 2024, the number had risen to 13%, which reflected a seismic change in local investment patterns.
Source: Bitso
This rapid adoption means that portfolios of users in the region now include a significant XRP component, despite the fact that the token that does not register in portfolio statistics just a year earlier. The change signals growing confidence in XRP among Latin American Cryptocurrency investors.
Bitcoin and Stablecoins still dominate trading activity
Although XRP showed impressive growth, bitcoin and Stablecoins are still the leading options among Latin American crypto users. Based on the bitso report, Bitcoin Represented 22% of the total purchases on the 2024 platform, a decrease from almost 30% during the first half of the year.
Stablecoins led all Cryptocurrency categories with almost 40% of purchases ascribed to these Dollar-Peggade Crypto courses. Stablecoin appeal probably depends on their application as a local currency inflation and entry place for other crypto investments.
Political changes and price performance interest rates
XRP’s price estimate of 230% 2024 – it’s best since 2021 – probably helped to make it so popular. The majority of the rally, according to the report, occurred during the fourth quarter.
The hope for XRP seems linked to American political events. The report indicates Donald Trump’s presidential win and SEC Chairman Gary Gensler’s resignation Spurred new interest in XRP. These triggered expectations of possible regulatory ready to benefit XRP and its parent company Ripple, which has encountered legal battles with US regulatory authorities.
Image from Pexels, Chart from TradingView
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