XRP Leads Altcoin ETF Race With 10 Pending Applications

Kaiko analysts have highlighted that XRP, the cryptocurrency affiliated with Ripple, is in a strong position to be the first alternative cryptocurrency to receive approval for a spot exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). This assessment is based on several factors, including XRP's unique market dynamics and regulatory environment.

Unlike Bitcoin, which has a well-established futures market, XRP's trading volume is primarily offshore, and it does not have a strong futures market. This unique position has allowed XRP to maintain a high level of liquidity and market depth, which are crucial for creating efficient structured products. The SEC's previous leadership was known to be sensitive to these factors, which could work in XRP's favor.

XRP's U.S. spot market share has surged to its highest level since the SEC's lawsuit against Ripple in late 2020, which led to delistings of the cryptocurrency from several exchanges. In contrast, Solana's U.S. market share has declined from a high of 25-30% in 2022 to 16%. This shift in market dynamics further supports the argument that XRP is well-positioned for ETF approval.

The launch of Teucrium's 2x leveraged XRP ETF, which tracks European ETPs and swaps agreements to deliver twice XRP's daily returns, has also contributed to XRP's momentum. The ETF drew in respectable trading volumes on its debut day, despite the volatility in crypto and global markets. This launch, along with the improving dynamics of the underlying market, positions XRP ahead of other assets in the race for ETF approval.

Several investment managers, including Grayscale, Bitwise, fidelity, and Franklin Templeton, have submitted paperwork to the SEC for altcoin ETFs in recent months. According to Kaiko, XRP leads the active ETF filings with 10 pending applications, followed by five for a Solana ETF and three each for Litecoin and Dogecoin. This high number of pending applications further supports the likelihood of XRP receiving ETF approval.

In addition to the potential for ETF approval, a widely followed analyst named Maelius has predicted that XRP could reach a price target of $10 by the end of 2025. This prediction is based on the Elliott Wave Theory and the weekly time frame chart. Maelius believes that if the current market cycle repeats itself, XRP could reach a W5 target of approximately $10. However, he also acknowledges that there is a chance that the W3 top is not in yet, which could prolong the final W5 top to Q1-2 of 2026, with higher targets in the range of $15-$20 or even higher.

XRP's recent rebound and the improving dynamics of its underlying market have positioned it as a strong candidate for ETF approval. The high level of liquidity, market depth, and the launch of a 2x leveraged ETF have all contributed to XRP's momentum. With several investment managers submitting paperwork for altcoin ETFs and XRP leading the active ETF filings, the likelihood of XRP receiving ETF approval is high. Additionally, the prediction of a $10 price target by the end of 2025 further supports the bullish sentiment surrounding XRP.