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XRP Surges 9% in Latin America, Outpacing Ethereum, Solana

Coin WorldSunday, Apr 20, 2025 3:01 pm ET

1min read

XRP has emerged as a favored payment option in Latin America, surpassing other prominent cryptocurrencies such as Ethereum and Solana. According to a recent report from Bitso, a key partner of Ripple, XRP has seen a significant surge in popularity, accounting for 9% of total purchases on the Bitso platform. This marks a dramatic shift from the previous year, where XRP's usage in average customer portfolios was almost non-existent.

Several factors contribute to XRP's growing popularity in the region. Mexican users, in particular, have shown a strong preference for XRP, representing 10% of all purchases on the Bitso platform. This trend is notable given the overall decrease in platform usage, as users increasingly opt for XRP over other cryptocurrencies. The report highlights that XRP's buying activity has surged despite a downward trend in total trading volume, indicating a strong preference for XRP among Latin American traders.

In the 2024 report, XRP surpassed PEPE, a meme coin, by 3% in terms of purchase volume. Ethereum, Solana, and Dogecoin accounted for 5%, 4%, and 2% of all purchases, respectively. These figures underscore XRP's rising prominence in the region, particularly among traders in Latin America. Bitcoin and stablecoins continue to dominate the trading activities on Bitso, with Bitcoin transactions representing 22% of total buying activities and stablecoins accounting for 39% of the total market share. This trend reflects the region's ongoing need for stable, dollar-backed assets.

The rise in XRP's popularity can also be attributed to regulatory changes and Ripple's initiatives. The resignation of Gary Gensler from his position at the US SEC and the subsequent positive signs of regulatory clarity have boosted confidence in XRP. Additionally, Ripple's remittance services initiative has played a crucial role in driving XRP's growth in Latin America. Bitso, a long-time partner of Ripple, has facilitated borderless payments for both US and Mexican adults, processing an estimated billion dollars worth of transactions. In 2022, Bitso processed $3.3 billion in remittances, further solidifying XRP's position as a provider of efficient and affordable international payment services.

Ripple's technology offers concrete business opportunities throughout Latin America, supporting the region's expanding crypto market. XRP's regional expansion is driven by its role in remittances, business payments, and cross-border transactions. With increasing local adoption, XRP is poised to maintain its status as a major cryptocurrency in Latin America. The growing popularity of blockchain systems and digital currencies in the region further enhances XRP's role in shaping the future payment ecosystem. Strategic partnerships and favorable regulations are expected to propel XRP to the forefront as a leading payment solution for consumers and businesses in Latin America.

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