- Solana’s US market share drops to 16%, down from the 25-30% range in 2022.
- XRP’s share of US trading volume reaches its highest level since the SEC lawsuit.
- Changing market situations could influence pending ETF application decisions.
The situation regarding cryptocurrency ETF approvals in the United States appears to be shifting, as XRP may gain an advantage while Solana experiences a decline in its presence in the U.S. market. According to data from Kaiko Research, XRP’s share of spot trading volume on U.S. exchanges has risen to its highest level since before the SEC’s 2021 lawsuit, which had led to widespread delistings of the token.
This recovery in the U.S. market activity comes at a critical time as incoming SEC Chair Paul Atkins prepares to take office following his Senate confirmation last week. Atkins, a former Commissioner, faces several deadlines for crypto-related ETF applications that could push digital asset decisions to the forefront of his agenda.
XRP Edges Over Solana in the US Market
Meanwhile, Solana has witnessed a steady decline in its U.S. market share, falling to 16%, a significant drop from the 25-30% range it maintained throughout 2022. This contrasting trajectory between XRP and SOL could prove consequential as the SEC evaluates pending ETF applications for both assets.
Market depth metrics further strengthen XRP’s position relative to other altcoin contenders. XRP and SOL currently boast the highest average 1% market depth on Kaiko Indices vetted exchanges, with Cardano’s ADA placing third. Notably, XRP’s market depth has surged since late 2024, overtaking Sol and doubling ADA.
Related: Canada’s SOL ETF Launches April 16: How Might Price Move April 15?
What Are XRP’s Strengths and Hurdles for US ETF Approval?
XRP’s path to ETF approval differs from Bitcoin’s journey. While BTC’s approval was largely driven by Grayscale’s successful legal challenge, XRP lacks an active futures market. Additionally, its trading volume remains heavily concentrated offshore despite recent improvements in U.S. market share.
However, the recent approval of a 2x leveraged XRP ETF from Teucrium may have created a precedent that benefits spot XRP ETF applications. Since this leveraged product relies on European ETPs and swap agreements to deliver twice the daily returns of XRP, it becomes increasingly difficult for regulators to argue that a spot product presents greater risks to investors.
Why is May 22 a Critical Deadline for XRP ETF Approval?
May 22 represents a critical date for the XRP ETF narrative, as the SEC must respond to Grayscale’s XRP spot filing by then. This deadline could provide the first major indication of how the new Atkins-led SEC will approach cryptocurrency ETF applications beyond Bitcoin and Ethereum.The changing competitive scene between XRP and SOL in U.S. markets comes as Canada prepares to launch the world’s first spot Solana ETFs.
According to Bloomberg analyst Eric Balchunas, the Ontario Securities Commission has granted approval to several issuers, including Purpose, Evolve, CI, and 3iQ, to trade Solana ETFs.
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