New statistics from a prominent cryptocurrency platform reveal that XRP is rapidly becoming a favored payment method among Latin American consumers. Currently, XRP accounts for 9% of all purchases on the platform, indicating a significant rise compared to 2023, when it barely registered in consumer portfolios across the region. This shift highlights the growing prominence of XRP as it starts to challenge older crypto options like Ethereum and Solana.
The surge in interest for XRP is largely driven by Mexican cryptocurrency traders. According to the recent report, 10% of all crypto purchases on the platform involve XRP, showcasing a decisive shift in buying activity during a period when overall platform usage slowed down. Notably, XRP’s adoption in Mexico is significant as the platform processed an impressive $3.3 billion in remittances from the United States into Mexico in 2022.
The report uncovers a remarkable trend: XRP was virtually non-existent in the portfolio compositions of Latin American Bitso clients in 2023. By 2024, this figure surged to 13%, marking a seismic shift in local investment strategies. This rapid adoption signifies a growing confidence among Latin American cryptocurrency investors in XRP, a token that was overlooked just a year prior.
Despite XRP’s impressive growth, Bitcoin and stablecoins continue to be the top preferences among Latin American crypto users. The report highlights that Bitcoin accounted for 22% of total purchases on the platform in 2024, down from nearly 30% in the earlier half of the year. Meanwhile, stablecoins, with almost 40% of total purchases, maintain their dominance due to their utility as a hedge against local currency inflation.
XRP’s astonishing 230% price appreciation in 2024—the highest since 2021—has significantly contributed to its rising popularity. Most of this price surge was recorded in the fourth quarter, fueled by anticipations surrounding US political events. Notably, the potential implications of Donald Trump’s presidential win and the resignation of SEC Chair Gary Gensler have sparked new interest in XRP and its parent company Ripple, which has been navigating challenging legal hurdles with US regulators.
As this landscape evolves, XRP’s trajectory in Latin America presents a captivating case for crypto investors observing global market dynamics.
