XRP Overtakes Ethereum and Solana Among LATAM Users

The demand for XRP among South American users is growing at a very fast pace, with the coin surpassing Ethereum, according to a new report from Bitso

A recent report from Bitso, one of the region’s major cryptocurrency platforms, shows that Ripple Labs-linked token XRP surged among Latin American users. 

The report captured a clear shift in user activity, showing that XRP became more popular than several widely known tokens, including Ethereum and Solana.

Latin Americans Buy More XRP Than Ethereum and Solana

According to reports, XRP accounted for 9% of all digital asset purchases made on Bitso. This pushed it ahead of Ethereum, which stood at 5%, and Solana at 4%. Based on the update, Dogecoin recorded 2%. PEPE, a meme coin, followed XRP with 6%. 

Despite these shifts, stablecoins remained the most purchased assets with 39%, followed by Bitcoin at 22%. Bitcoin’s share had dropped from 28% recorded earlier in the year.

It is worth noting that Mexico recorded the highest number of XRP buyers within the region. Reports show that 10% of crypto transactions among Mexican users involved XRP, placing the country at the forefront of this trend. 

The report noted that while overall platform activity declined, XRP maintained consistent growth and stood out among other tokens.

In a recent development, Layer 1 network Flare proposed XRPFi, a system that aims to bring DeFi features like staking, lending, and borrowing to XRP holders.

XRP Moves From 0 to 13% in Portfolio Share

According to the update, Bitso also tracked what users were holding in their portfolios. In the year before, XRP did not appear in the average portfolio of Latin American users. However, by the end of the review period, XRP made up 13% of the average user portfolio.

XRP’s market performance likely drove this shift. The token recorded a 238% increase, most of which came during the last quarter of the year. 

This surge followed political changes in the United States, including Donald Trump’s election and the resignation of SEC Chair Gary Gensler, both of which may have boosted confidence in XRP.

Bitso, which processes remittances between the United States and Mexico, has partnered with Ripple, the company behind XRP. This connection may have further supported XRP’s rise in Latin America.

HashKey Capital has triggered a new spotlight on XRP in Asia in related news. The firm launched the region’s first fund featuring the top digital currencies.

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