XRP is pulling ahead in the race for U.S. spot ETF approval, according to a new report from Kaiko Indices. The token, associated with Ripple, now shows the deepest 1% market depth across vetted crypto exchanges—surpassing even Solana (SOL).
XRP Surpasses SOL and ADA in Market Liquidity
Since late 2024, XRP has surged past SOL in liquidity rankings, doubling the market depth of Cardano’s ADA. Kaiko data highlights XRP’s resilience and growing appeal, making it a top contender for spot ETF approval.
This deep liquidity plays a key role, especially as regulators weigh the next wave of ETF candidates. According to Kaiko, XRP and SOL are now the strongest contenders for a spot listing, thanks to their consistent liquidity and trading volume.
Shifting Market Share in the U.S.
XRP’s U.S. market presence has rebounded significantly. After being delisted by several platforms in 2021 due to SEC action, its spot market share in the U.S. is now at its highest level since the lawsuit.
Meanwhile, Solana’s U.S. share has dropped—falling from a peak of 25–30% in 2022 to just 16% today. This shift gives XRP a slight edge in the eyes of investors and analysts.
ETF Launch Adds More Fuel to the Fire
Adding to its momentum, Teucrium recently launched a 2x XRP ETF, offering leveraged exposure to XRP’s daily performance. It quickly became the firm’s most successful ETF debut, recording over $5 million in volume on launch day.
Kaiko analysts noted that this development, along with XRP’s improving market structure, places it ahead of other altcoins in the ETF approval race.
Regulatory Landscape and Caution Signs
While XRP looks promising, the road ahead isn’t without hurdles. The SEC has acknowledged several XRP spot ETF applications, with Grayscale’s filing facing a crucial deadline on May 22.
Still, not all market signals are bullish. Deribit’s options data reveals a bearish skew in implied volatility for April 18 expirations, indicating traders are seeking downside protection. This suggests lingering caution despite XRP’s positive momentum.
Could XRP Be the Next Spot ETF Approval?
Kaiko’s report also mentions that other tokens like Litecoin (LTC), which share characteristics with Bitcoin, might also have a path to approval. However, XRP’s strong fundamentals, improved liquidity, and ETF traction give it a noticeable lead.
With growing institutional interest and better U.S. exchange activity, XRP may soon see a breakthrough in the ETF space.
