XRP has catapulted to the top spot among altcoins in Latin America, capturing 9% of all cryptocurrency purchases on the Bitso platform in 2024.
XRP dominates Latin America’s altcoin landscape, securing 9% of all Bitso cryptocurrency purchases in 2024.
This impressive showing outpaces major competitors like Ethereum at 5% and Solana at 4%, establishing XRP as the region’s preferred alternative to Bitcoin.
Even the meme coin PEPE, at 6%, couldn’t match XRP’s growing dominance in the Latin American market.
Behind this surge lies a fascinating portfolio transformation among Bitso users.
Latin American investors have dramatically increased their XRP allocations from virtually nothing in 2023 to an average of 12-13% in 2024.
While Bitcoin still commands respect with 22% of purchases and stablecoins lead the pack at 39%, XRP’s rapid ascent tells a compelling story of changing investor preferences.
What’s driving this XRP fever across Latin America?
A potent cocktail of factors seems at work.
The cryptocurrency’s rally of 238% in 2024 certainly caught attention, while its affordability compared to Bitcoin makes it accessible to more investors.
But practical utility may be the true catalyst – XRP’s speed and low transaction costs make it particularly valuable in a region where remittances are a financial lifeline.
The consensus protocol system enables XRP to process transactions in just 3-5 seconds, making it ideal for cross-border transfers.
Mexico stands at the epicenter of this trend, with 10% of all crypto buying activity on Bitso dedicated to XRP.
This shouldn’t surprise anyone familiar with the $3.3 billion in US-Mexico remittances that Bitso processed in 2022 using Ripple technology.
The partnership between Bitso and Ripple has created a seamless corridor for cross-border payments, with XRP often serving as the bridge currency.
Brazil, too, has embraced the XRP ecosystem through Travelex Bank’s implementation of Ripple’s On-Demand Liquidity service.
Latin American users have shown a clear rotation in their investment strategies with XRP now comprising at least 13% of their average portfolios.
This technology eliminates the need for pre-funded accounts in international transfers, slashing costs for businesses and individuals alike.
As Latin America continues seeking efficient payment solutions across borders, XRP’s position as the region’s favorite altcoin seems increasingly secure.
The resignation of US SEC Chairman Gary Gensler provided additional regulatory clarity that further boosted market confidence in XRP.
