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XRP & Solana Poised for Spot ETF Approval—Here’s Why XRP May Win the Race

According to a fresh report from Kaiko, XRP and Solana (SOL) are leading the pack as the top contenders for a U.S. spot ETF approval—and XRP is slightly ahead of the curve.

Why? Liquidity.

Kaiko’s data shows XRP now dominates in 1% market depth on vetted exchanges, surpassing SOL and doubling Cardano’s ADA. Since late 2024, XRP has consistently pulled ahead in global trading volume—especially after rebounding from its 2021 SEC-related delistings.

Interestingly, XRP lacks a major futures market, unlike Bitcoin, which gained ETF status after Grayscale’s legal win. Yet XRP's U.S. spot market share is at a multi-year high, while SOL has dipped to 16%, down from its 2022 peak of 30%.

What’s fueling XRP’s ETF buzz?

Teucrium’s 2x XRP ETF, launched recently, has already become their most successful product, racking up $5M in debut day volume

It tracks European ETPs and swap agreements to deliver 2x XRP’s daily returns

This move adds momentum and credibility to XRP’s ETF case.

However, options markets are flashing caution: Deribit data shows bearish sentiment for April expirations, with traders buying downside protection despite bullish fundamentals.

Still, the SEC is actively reviewing XRP ETF filings, and Grayscale’s application faces a key May 22 decision. Analysts say even LTC could follow soon—but XRP’s market dynamics make it the front-runner.

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