A recent report from Bitso, a long-standing Ripple partner, highlights growing traction among Latin American users for XRP.

This report shared the activities of Latin American (LATAM) users on Bitso's crypto platform in the previous year.

A recent report from Bitso, a long-standing Ripple partner, highlights growing traction among Latin American users for XRP.

The report, which was shared on December 27, highlights some interesting details about the activities of Latin American (LATAM) users on Bitso’s crypto platform in the past year.

For instance, despite a decrease in overall activities on the platform, the acquisition of XRP increased substantially. The report indicates that users bought more of the asset than prominent coins like Ethereum, Solana, and Dogecoin.

The report provides a snapshot of the trading activity on Bitso in 2024. It shows that Bitcoin and stablecoins continue to dominate trading activity on the platform.

The report mentions that 22% of all purchases on the Bitso platform were Bitcoin, while stablecoins accounted for 39% of the total buy-side activity.

On the other hand, XRP accounted for 9% of all purchases on the Bitso platform, 3% more than the meme coin PEPE, which ranks next to it. In addition, Ethereum, Solana, and Dogecoin acquisitions accounted for 5%, 4%, and 2% of all LATAM buy activities, respectively.

Moreover, the report identified a drastic change in average portfolio distribution as preferences among LATAM users evolve. Interestingly, a notable rotation was seen, particularly towards XRP, as users held more of the token compared to the previous year.

The statistics show that in 2023, XRP was not part of the average portfolio composition of Latin American users on Bitso. However, things escalated quickly last year, resulting in an average distribution of 13%. This means that portfolios of users in the region comprise at least 13% of XRP, a testament to the emerging interest in the ecosystem.

This newfound interest in the XRP ecosystem may be attributed to several factors, including potential regulatory clarity and the asset’s performance.

For context, XRP grew 238% in 2024, its strongest performance since 2021, with most of the rally happening in the last quarter of the year. Interestingly, the optimism triggered by Donald Trump’s election victory and the resignation of US SEC Chair Gary Gensler ignited this foray.

As a Ripple partner, Bitso is facilitating cross-border remittances in LATAM. In 2022, the crypto exchange processed $3.3 billion in remittances between the US and Mexico for Ripple.