In 2024, XRP Became the top altcoin choice for crypto buyers in Latin America, outpacing Ethereum (ETH) and Solana (SOL). Data from Bitso, one of the region’s largest crypto exchanges, shows XRP accounts for 9% of all crypto purchases, while ETH and SOL trail behind at 5% and 4%, respectively.
Why Is XRP Gaining Ground?
XRP’s rise is striking because it wasn’t even a common part of Latin American crypto portfolios in 2023. Now, it represents about 12-13% of portfolios, driven by a strong price rally in late 2023 and early 2024. After the 2024 U.S. presidential election, XRP’s price jumped roughly 300%, sparking increased investor interest.
Mexico Leads the XRP Surge
Mexico stands out as the biggest market for XRP in Latin America. Here, 10% of all crypto purchases are XRP, showing how popular it has become among Mexican investors. This local enthusiasm plays a big role in XRP’s regional growth.
Bitcoin and Stablecoins Still Dominate
Despite XRP’s growth, Bitcoin remains the largest crypto holding in Latin America, making up 22% of purchases. This is down from 28% earlier in 2024 but still dominant. Stablecoins like USDC and USDT together account for 39% of purchases, reflecting their role as a safe haven amid market volatility.
Who’s Buying Crypto?
Young adults aged 25-34 are the most active crypto buyers in Latin America. However, older age groups are also increasing their trading activity, showing broader adoption across demographics.
What’s Driving XRP’s Popularity?
Several factors explain XRP’s appeal in Latin America:
- Cross-border payments: XRP’s fast and low-cost transactions make it ideal for remittances, a crucial financial flow in the region.
- Affordability: XRP’s price is more accessible compared to Bitcoin and Ethereum.
- Regulatory clarity: Ripple’s ongoing efforts to clarify XRP’s legal status boost investor confidence.
- Partnerships: Ripple’s collaborations with local financial institutions help integrate XRP into remittance corridors.
Crypto Purchase Breakdown in Latin America (2024)
| Cryptocurrency | % of Crypto Purchases |
Portfolio Share Change (2023 to 2024) |
|
XRP |
9% | From 0% to ~12-13% |
|
Bitcoin (BTC) |
22% | Dominant but declining |
| Ethereum (ETH) | 5% |
Declining |
| Solana (SOL) | 4% |
Declining |
| Stablecoins | 39% |
Increasing |
Key Takeaways
- XRP leads altcoin purchases in Latin America, ahead of ETH and SOL.
- Mexico is the hotspot for XRP adoption.
- Bitcoin and stablecoins still hold the largest shares overall.
- XRP’s use in remittances and affordable price drive its popularity.
- Younger investors lead crypto buying, but all age groups are joining in.
FAQs
Q: Why is XRP popular in Latin America?
- A: Because it offers fast, cheap transactions and strong remittance use cases. Ripple’s partnerships and regulatory progress add to its appeal.
Q: Is XRP more popular than Bitcoin?
- A: No. Bitcoin remains the largest crypto holding, but XRP leads among altcoins.
Q: How do Ethereum and Solana compare?
- A: Both have smaller shares of purchases than XRP, at 5% and 4% respectively.
XRP’s rise in Latin America shows how practical use cases and market conditions shape crypto trends. If XRP keeps delivering on speed, cost, and partnerships, it could continue growing in this important market. What other altcoins might follow a similar path? The crypto landscape in Latin America is worth watching closely.
