XRP Leads Crypto ETF Race With 100% More Filings Than Solana

XRP, a prominent digital asset, is gaining significant traction in the race for crypto-related ETFs. According to SMQKE, a respected crypto researcher, XRP is next in line for an ETF, a view supported by data from Kaiko Research, which indicates a clear increase in filings and market strength for XRP.

The recent appointment of Paul Atkins as the new SEC Chair has created a new landscape for digital asset regulation. With a growing number of ETF applications, crypto is expected to play a more prominent role during his tenure. Kaiko Research highlights that XRP leads all other digital assets in live ETF application filings, with more than ten submissions, double that of Solana (SOL), the next closest asset. The SEC has publicly acknowledged these filings, boosting market participants' confidence in their approval.

Kaiko Research emphasizes that XRP and Solana are among the most popular assets for ETF applications and are also among the most liquid. This liquidity is crucial for institutional products like ETFs, which require stable and efficient price execution in spot markets. XRP and SOL top the list for 1% market depth across vetted exchanges, a metric used to gauge how much volume can be traded without significantly moving the price.

Recent liquidity trends further support XRP’s ETF readiness. XRP’s market depth has increased notably since late 2024, surpassing Solana and more than doubling Cardano (ADA). Kaiko’s chart on altcoin market depth confirms this shift, showing XRP surging past $11 million in average 1% depth during early 2025, well ahead of its competitors. This performance highlights rising demand and improved order book stability, two essential conditions for ETF structuring. Ripple CEO Brad Garlinghouse previously described XRP ETFs as inevitable, and the asset is perfectly prepared to host these investment vehicles.

This development comes at a critical moment for crypto ETF applicants. A slew of asset managers have lined up proposals, and the pressing deadlines could force the SEC to take early positions on which assets move forward. With XRP dominating both application count and market structure quality, it may be the logical next candidate for regulatory approval. The shift in SEC leadership may also prove favorable. The former SEC administration held a strong anti-crypto stance, but Atkins, stepping into this environment, could decide to distinguish his term early by approving ETFs tied to the most robust and liquid crypto assets.