- XRP becomes preferred payment option in Latin America, surpassing Ethereum and Solana.
- XRP gains 9% of total purchases on Bitso, surpassing meme coins.
A recent report from Bitso, a key partner of Ripple, highlights XRP’s growing popularity in Latin America. The findings show that XRP is quickly becoming a preferred payment option. XRP maintains a bigger marketplace expansion than both Ethereum and Solana within the cryptocurrency landscape. XRP represents 9% of total purchases carried out on Bitso platforms. The XRP usage in average customer portfolios in 2023 was almost non-existent but the situation has now changed dramatically.
XRP Gains Popularity in Mexico, Surpassing Ethereum and Solana
Several elements lead to the increased popularity of XRP. Mexican users of cryptocurrency have become more invested in XRP as its interest continues to expand in this market. XRP gained popularity among users on the Bitso platform, according to their report, because Mexican users represented 10% of all purchases, as they chose XRP as their main token for trading. XRP has gained popularity among users despite the general platform usage decreasing as users prefer this cryptocurrency above others.
The Bitso report provides key data about how users from Latin America (LATAM) manage their activities through their platform. XRP has demonstrated an unprecedented burst in its value. XRP buying activity registered a significant surge during the period when total trading volume showed a downward trend. The popularity of XRP continues to climb at a level surpassing the established cryptocurrencies Ethereum, Solana, and Dogecoin. The cryptocurrency market in Latin America shows XRP is becoming more acceptable as an alternative payment asset based on the observed growth trends.
In the 2024 report, XRP accounted for 9% of all purchases on Bitso, surpassing PEPE, a meme coin, by 3%. In contrast, Ethereum, Solana, and Dogecoin accounted for 5%, 4%, and 2% of all purchases, respectively. These numbers indicate that XRP is now one of the top cryptocurrencies in the region, especially among LATAM traders.
Bitcoin, along with stablecoins, controls most of the trading actions on Bitso. Bitcoin transactions throughout Bitso represented 22% of total buying activities while remaining slightly below its previous six-month performance of 28%. Among all cryptocurrency acquisitions, stablecoins represented 39% of the total market share. The Latin American market continues to need stable dollar-backed assets, as evidenced by recent trading patterns.
XRP Poised to Shape LATAM’s Future Payment System
The report also suggests that regulatory changes may have influenced the rise in XRP’s popularity. The confidence in XRP increased after Gary Gensler resigned from his US SEC position, while US regulatory clarity started showing positive signs. The combined factors of Ripple’s stronger confidence and its remittance services initiative appeared to drive XRP’s growing popularity throughout LATAM.
XRP’s presence in Latin America received major support from Bitso, which continues its partnership with Ripple dating back to past years. Through the exchange, both US and Mexican adults conduct borderless payments for processing an estimated billion of dollars worth of transactions. The total remittances processed by Bitso hit $3.3 billion in 2022, thus enhancing XRP’s position as a provider of time-efficient and affordable international payment services.
Ripple’s technology demonstrates concrete business opportunities throughout Latin America based on XRP’s regional expansion. The crypto market of LATAM is undergoing expansion, which XRP supports as Ripple serves remittances alongside business payments and cross-border transactions. Because of increasing local adoption by users, XRP will continue to hold its position as a major cryptocurrency throughout Latin America.
XRP gains traction throughout Latin America due to the expanding popularity of blockchain systems and digital currencies throughout the area. The growing confidence in XRP will increase its role in shaping the payment ecosystem of the future for LATAM. With strategic partnerships and favorable regulations, XRP is poised to lead as a payment solution for consumers and businesses in the region.
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