A recent report from longtime Ripple partner Bitso highlights the growing traction among Latin American users of XRP.
The report shared the activities of Latin America (LATAM) users on Bitso’s Crypto platform the previous year. In particular, we highlighted some interesting details, including the rising leakage to fame among XRP customers.
For context, 2024 Report This shows a significant increase in XRP acquisition despite reduced activity on the platform. The outline shows that users have purchased more assets than notable coins such as Ethereum, Solana, and Dogecoin.
Bitso users stack XRP
Meanwhile, the report highlights XRP preferences last year. XRP accounts for 9% of all purchases on the Bitso platform, ranking next to it, 3% more than Meme Coin Pepe. Furthermore, the acquisitions of Ethereum, Solana and Dogecoin were not full of XRP traction for 5%, 4%, and 2% of all Latam purchase activities, respectively.
However, Bitcoin and Stubcoin dominated trading activities at BITSO last year. Pioneering cryptocurrencies averaged 22% of all purchases, down from 28% in the first half alone. Meanwhile, Stablecoins is leading the process, with 39% of acquisitions tied to dollar-imposed digital assets.
Purchases per coin in 2024
Furthermore, Mexicans purchased more XRP than any other Latin American geographical region. Aside from the preferences of Bitcoin and Stubcoin, 10% of purchasing activities among users in the country had accumulated XRP.
From no XRP to 12% of average portfolio composition
Meanwhile, this report identified dramatic changes in the average portfolio distribution as preferences among LATAM users evolved. Interestingly, users held more tokens compared to the previous year, which showed a noticeable turnover, especially towards XRP.
Statistics show that in 2023, XRP was not part of Bitso’s average portfolio composition of Latin American users. However, last year things escalated rapidly, bringing the average distribution to 13%. This means that the portfolio of local users accounts for at least 13% of XRP. This is evidence of a renewed interest in ecosystems.
LATAM Average Portfolio Composition
In particular, factors such as potential regulatory clarity and asset performance may have contributed to this renewed interest in XRP. For context, XRP rose 238% in 2024, the strongest performance since 2021, with most meetings taking place in the last quarter of the year. Interestingly, optimism sparked by Donald Trump’s election victory and the resignation of US SEC Chairman Gary Gensler ignited this foray.
Bitso’s report highlighted a renewed interest in the Latin American XRP ecosystem. In particular, crypto exchanges have been a long-standing Ripple partner, encouraging LATAM cross-border remittances. 2022, Bitso process $3.3 billion remittances between the US and Mexico for Ripple.
