Exciting news from Latin America! A new report from Bitso, Ripple’s trusted partner, reveals a surge in popularity for XRP among crypto enthusiasts in the region.

Diving into the details, the report offers a fascinating look at how Latin American users interacted with Bitso’s crypto platform over the past year. One key takeaway? XRP has become a major player, experiencing a significant jump in popularity among Bitso’s users.

To put things in perspective, the 2024 report reveals an interesting trend: even though overall activity on the platform dipped slightly, purchases of XRP actually soared! In fact, users were snapping up more XRP than popular cryptocurrencies like Ethereum, Solana, and even Dogecoin.

Bitso Users Stacking XRP

The report really highlights XRP’s popularity last year. It snagged a significant 9% of all purchases on Bitso, beating out the meme coin PEPE (which came in second) by a solid 3%. To further illustrate XRP’s lead, Ethereum, Solana, and Dogecoin trailed behind, capturing 5%, 4%, and 2% of Latin American buying activity, respectively.

It’s important to note that while XRP is gaining ground, Bitcoin and stablecoins still reign supreme on Bitso. Bitcoin, the original crypto king, took the lion’s share with an average of 22% of all purchases, although this is a slight dip from the 28% it commanded in the first half of the year. But stablecoins truly dominated, accounting for a whopping 39% of all crypto acquisitions – clearly the go-to for many users.

Interestingly, when breaking down the regional data, Mexican users emerged as the biggest XRP buyers in Latin America. While Bitcoin and stablecoins remained popular choices in Mexico, XRP still accounted for a substantial 10% of all buying activity amongst users in the nation.

From Zero to 13%: XRP’s Dramatic Entrance into Average Portfolios

The report also points to a significant shift in average crypto portfolios as Latin American users’ preferences change. We’re seeing a clear trend towards XRP, with users increasingly holding this token compared to the previous year.

The numbers tell a compelling story: back in 2023, XRP wasn’t even on the radar for the average Latin American crypto portfolio on Bitso. But fast forward to last year, and XRP has exploded onto the scene, now making up an average of 13% of users’ portfolios! This impressive growth really underscores the growing excitement around XRP in the region.

Several factors may be fueling this renewed interest in XRP, including the potential for clearer regulations and the token’s strong price performance. In fact, XRP saw a whopping 238% price increase in 2024, its best year since 2021, with a significant portion of that growth happening in the final quarter. Interestingly, market optimism, possibly sparked by events like Donald Trump’s election victory and the resignation of US SEC Chair Gary Gensler, might have further ignited this surge.

Overall, Bitso’s report clearly points to a revitalized interest in the XRP ecosystem across Latin America. It’s worth remembering that Bitso isn’t just any exchange – they are a long-time partner of Ripple, playing a crucial role in making cross-border payments smoother in LATAM. In fact, back in 2022, Bitso handled a massive $3.3 billion in remittances between the US and Mexico alone for Ripple.