XRP Gains Popularity in Mexico, Surpassing Ethereum and Solana

Several elements lead to the increased popularity of XRP. Mexican users of cryptocurrency have become more invested in XRP as its interest continues to expand in this market.

A recent report by Bitso, a key partner of Ripple, sheds light on the burgeoning popularity of XRP in Latin America. The findings highlight a significant shift in user behavior, revealing a strong preference for XRP as a payment option.

The report reveals that although overall platform activity has decreased, leading to fewer users engaging with the Bitso platform, there was a shift in the types of cryptocurrencies that users selected. Among the preferred tokens, XRP is reportedly being used more often by users for trading.

"The report by Bitso provides valuable insights into how LATAM users interact with the platform and manage their crypto activity. As total trading volumes displayed a downward trend during the period, buying activity for Ripple’s XRP registered a significant surge. Notably, the popularity of XRP continues to climb steadily, outperforming even the well-established cryptocurrencies Ethereum, Solana, and Dogecoin. Within the cryptocurrency market in Latin America, observed growth trends suggest that XRP is becoming increasingly viable as an alternative payment asset.

In the first quarter of 2024, XRP accounted for 9% of all purchases on Bitso, outperforming PEPE, a meme coin, by 3%. In contrast, Ethereum, Solana, and Dogecoin accounted for 5%, 4%, and 2% of all purchases, respectively. These figures highlight that XRP has now achieved a prominent position among the top cryptocurrencies in the region, particularly among LATAM traders.

However, most of the trading activity on Bitso was attributed to Bitcoin and stablecoins. Transactions involving Bitcoin throughout Bitso represented 22% of the total buying activity, remaining slightly below its previous six-month performance of 28%. Among all cryptocurrency acquisitions, stablecoins claimed a significant 39% share of the total market. This finding underscores the ongoing need for stable dollar-backed assets within the Latin American market, which is evident in recent trading patterns.

As for the legal and regulatory landscape, confidence in XRP rose following Gary Gensler's resignation from his US SEC position, while US regulatory clarity started showing positive signs. The combination of Ripple’s stronger footing and its initiative in remittance services appeared to be boosting XRP's rising popularity throughout LATAM.

The presence of XRP in Latin America received major support from Bitso, which continues its partnership with Ripple dating back to past years. Through the exchange, both US and Mexican adults carry out cross-border payments for processing an estimated billion of dollars worth of transactions. The total remittances processed by Bitso in 2022 hit $3.3 billion, thus enhancing the position of XRP as a provider of time-efficient and affordable international payment services.

With the expanding footprint of Ripple’s technology and XRP’s regional expansion, they present concrete business opportunities throughout Latin America. The crypto market of LATAM is expanding, which XRP supports as serves remittances alongside business payments and cross-border transactions. Due to increasing local adoption by users, XRP will continue to hold its position as a major cryptocurrency throughout Latin America.

XRP is gaining traction throughout Latin America due to the expanding popularity of blockchain systems and digital currencies within the area. The growing confidence in XRP will increase its role in shaping the future payment ecosystem for LATAM. With strategic partnerships and favorable regulations, XRP is poised to take the lead as a premier payment solution for consumers and businesses in the region."