XRP, Solana Lead U.S. Spot ETF Race With High Liquidity

XRP and Solana (SOL) are leading contenders for U.S. spot ETF approval, primarily due to their high liquidity. According to Kaiko analysts, XRP is particularly favored among other candidates for potential early market entry. Data from Kaiko Indices indicates that both XRP and SOL have the deepest 1% market depth on vetted exchanges, with XRP surpassing SOL since late 2024 and doubling Cardano’s ADA in liquidity.

Unlike Bitcoin, which secured spot ETF approval following Grayscale’s legal victory that exposed the SEC’s inconsistent stance on futures and spot markets, XRP operates differently. XRP lacks a robust futures market, and its trading volume is predominantly offshore. However, XRP’s U.S. spot market share has reached its highest level since the SEC’s 2021 lawsuit, which led to delistings. In contrast, SOL’s U.S. share has decreased to 16% from a 2022 peak of 25–30%.

XRP’s momentum is further enhanced by the recent launch of a 2x XRP ETF by Teucrium. This ETF tracks European ETPs and swap agreements to deliver twice XRP’s daily returns. On its debut day, it generated over $5 million in volumes, becoming the provider’s “most successful launch.” According to Kaiko analysts, “This underlying market's improving dynamics and the launch of a 2x XRP ETF last week position XRP ahead of other assets when it comes to approval.”

Despite XRP’s strong fundamentals, Deribit’s options market shows a bearish skew in the implied volatility smile for April 18 expirations, indicating a demand for downside protection. The SEC has acknowledged several XRP spot ETF applications, with Grayscale’s filing facing a critical May 22 deadline. According to the analyst's forecast, some tokens, such as LTC, which have very similar consensus mechanisms to BTC and share similarities to commodities, could also have a clear path to approval.