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In a major development for the cryptocurrency market in Latin America, XRP has emerged as the top digital currency for shopping, surpassing Ethereum and Solana in popularity. According to a recent report by Bitso, XRP accounts for 9% of all purchases on the platform, with Mexico leading the charge in adoption. This surge in XRP's popularity highlights the growing acceptance of digital currencies in the region and underscores the potential for cryptocurrencies to transform the future of payments in Latin America.
According to Crypto.com's annual Market Sizing Report, the number of global cryptocurrency owners increased by 13% in 2024, rising from 583 million in January to 659 million by December.
This moment marks a significant milestone on the path toward overall acceptance, as the number of Bitcoin owners worldwide has grown to 337 million, and Ethereum owners have reached 142 million.
Generally charging around 1-2% in fees, compared to as much as 3.5% for credit card payments, cryptocurrency payment processors save businesses a significant portion of their revenue.
Blockchain-based cryptocurrency payments can be processed in just a few seconds across borders, providing businesses with immediate cash flow improvements.
Decentralization of cryptocurrencies has reduced the threat of break-ins, fraud, and double spending, making payment security much better than before.
According to Bernstein analysts, the amount transacted through stablecoins in Q1 2024 is expected to reach nearly $6.8 billion, closely matching the all-time high of $7 billion in 2022.
By 2028, Juniper Research forecasts that the amount of stablecoin transactions will surpass $187 billion, thus underlining how ordinary stablecoins are becoming for B2C transactions and even within the businesses themselves.
The value of cryptocurrency is very erratic and poses a challenge to both merchants and the customers who purchase goods and services from them. Payment processors are developing solutions that will immediately mitigate the risk to avoid payment conversion to fiat currency.
Integrating crypto payments can seem overly daunting to some businesses; however, specialised payment processors are already simplifying the process, allowing merchants to get set up quickly.
RippleNet, the global messaging network, enables integration between Amazon's payment services and XRP. With this, a complete payment architecture is availed to facilitate transactions in real-time and create an ecosystem for decentralized payment that connects banking institutions and transaction providers.
According to technical analysis for April 2025, XRP's price is forecasted to peak at $2.10, but it may also decline to $1.69. This forecast price analysis is due to the increasing uptake of RippleNet by global financial institutions and organizations.
The partnership with Amazon is believed to pull the demand in favor of XRP circuitously to be reflected at market value due to improving utility and visibility.
The Amazon-Ripple agreement on the adoption of XRP for payments opens a new chapter in commercial practices with cryptocurrencies. It is indeed a milestone that collaborates with the project's cause on XRP by improving the online payment processing mechanism and creating prospects for the platform in the market to come.
The partnership between Amazon and Ripple is a prime example of online retailers adopting cryptocurrencies, marking the beginning of digital currency mainstreaming.
A recent report by Bitso, one of Ripple’s key strategic partners, reveals that XRP has achieved a significant market penetration in Latin America. Once practically nonexistent in the customer base in 2023, XRP now accounts for 9% of all purchases on Bitso, significantly higher than names like Ethereum and Solana.
According to findings, the general trend is that Mexican users are propelling XRP forward. Approximately 10% of all purchases made by Mexican traders on Bitso were XRP, indicating that user sentiment was slowly shifting despite a decline in trading activity. Ethereum, Solana, and Dogecoin were only 5%, 4%, and 2%, respectively.
This increase illustrates that, although the total usage of the platform experienced a minor decline, the XRP interest continued to rise steadily and is thus a major highlight in this area.
With the adoption of blockchain and digital currency use surging across Latin America, XRP is poised to become a cornerstone of future payment systems in the region. Increasing local acceptance, strong allies, and favourable legislation indicate that XRP could be the stepping stone for LATAM in moving toward cross-border decentralized finance solutions.
As Ripple continues to bring business payments and cross-border transaction solutions to Latin America, XRP's visibility and importance will continue to increase.
Industry experts anticipate a growing adoption of digital currencies as payment solutions. In this regard, the COVID-19 pandemic has compelled both consumers and businesses to adopt digital monetary solutions, thereby indirectly accelerating the development of this scenario.
Given the ongoing improvements in user experience, the evolution of regulatory clarity, and advancements in technological infrastructure, cryptocurrencies are poised to become one of the mainstream options for payment.
Therefore, companies willing to adopt crypto payment solutions today will secure valuable competitive advantages in the strikingly digital marketplace.
