Ripple XRP is the most purchased altcoin by Latin American (LATAM) residents. A new report by crypto exchange Bitso revealed this, showing that 9% of all crypto purchases in the region in 2024 was XRP.
This was more than the Ether (ETH), which was just 5%, and Solana (SOL) at 4% within the same period, showing that XRP is the most popular altcoin among crypto investors in the region.
Bitso is one of the top crypto-focused financial service firms in the region, with nine million retail users across Argentina, Mexico, Colombia, and Brazil. The company based its report on the purchasing and holding behavior of individuals who used its platform in 2024 compared to 2023.
Interestingly, interest in XRP appears to be very new. Data shows that the percentage of XRP in the average crypto investor portfolio increased from 0% in 2023 to 12% in 2024. The massive surge in interest is likely due to the rapid gains that XRP experienced from late 2023.
The altcoin has been struggling since the US Securities and Exchange Commission (SEC) sued Ripple over the status of XRP in late 2020. However, it has seen a resurgence in late 2023 after Donald Trump won the US presidential elections.
In the aftermath of the elections, XRP rose more than 300% in value, reaching new highs for the first time in years. While it has now fallen to $2, XRP remains one of their fair performers year-to-date, with only a 10% decline year to date.
This is similar to Bitcoin, which had a 9.56% decline and was far better than other major altcoins, such as ETH, which had a 52% decline, and SOL, which had a 28% drop.
Stablecoins and Bitcoin remain dominant holdings in users’ portfolios
While many users are aping XRP, stablecoins and Bitcoin remain the most held assets in users’ portfolios. According to Bitso data, Bitcoin dominated users’ portfolios, making up 49% of the average portfolio in 2024.
However, this was a drop from 57% in 2023, mostly because of memecoins, altcoins, and fiat tokens gaining prominence in wallets. This is likely because BTC is also no longer the most purchased crypto asset by users, as it dropped from 28% in 2023 to 22% in 2024.
In its place, Circle USDC is now the most purchased cryptocurrency with 24%, while Tether USDT is third with 15%. Stablecoins and local fiat currency holdings also grew due to several factors, including the yield offered by stablecoins, the devaluation of local currencies, and users diversifying their portfolios and taking profits.
Crypto adoption growing in LATAM
Meanwhile, the Bitso report also observed an increase in crypto adoption across the region, using registered users’ data in the four countries where it operates. In Argentina, its registered users increased by 11%, while that of Mexico went up by 13%. Brazil and Colombia saw 6% growth each.
Unsurprisingly, most crypto adoption was from young people. People between 25 and 34 years old accounted for 38% of users. This was followed by people between 18 and 24 years old and those between 35 and 44 years old, with 23% each. It appears that the older people were, the less likely they were to use crypto, with those 65 years and older having the least percentage, at 2%.
Interestingly, older age groups have seen an increase in their trading activity. Users 45 – 54 years old saw their trading increase from 13% to 14%, while that 55 – 64 years old also increased to 6% from 5%. However, 25 – 34 years remain most active, with 34% of trading activity despite the 3% decline.
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Source: https://www.cryptopolitan.com/xrp-adoption-surges-across-latam/