XRP outpaces Solana in spot trading as future launch looms

XRP’s price saw a 13% surge after the SEC dropped its case against Ripple Labs, potentially triggering optimism for future ETF approvals and a rise in market activity.

Ripple Labs’ XRP (XRP) has recently overtaken Solana (SOL) in spot trading, now regularly grabbing more than 50% of the volume, a big shift from when SOL used to dominate with 70-80%.

With the legal battle no longer hanging over XRP, odds of an ETF approval in 2025 have climbed on prediction markets, analysts at blockchain analytics firm Kaiko note.

According to data from prediction market Polymarket, the odds of a spot Ripple ETF approval in 2025 jumped 6% after the SEC dropped its case, with the market now pricing in an 83% chance that spot XRP ETFs will get the green light by the end of 2025.

“The raft of activity in XRP markets doesn’t appear to be an anomaly either. Higher volumes have been matched by improved liquidity for XRP as the average 1% market depth climbed steadily — now above SOL.”

Kaiko

Now, with the regulatory roadblock removed, Kaiko says the market could could see product launches for XRP “in the coming months.” For instance, in January the CME released a mock webpage for SOL and XRP futures “in error,” with one of those products now launched and the second “released from its regulatory purgatory,” the firm added.

Ripple CEO Brad Garlinghouse hinted earlier in March that XRP ETFs could hit the U.S. market by the second half of 2025. At least ten applications for XRP ETFs — including spot, leveraged, and inverse products—are waiting for SEC approval, with Franklin Templeton recently joining the list of applicants.