- Solana U.S. market share has dropped significantly, while XRP’s trading volume and liquidity are surging, positioning it as a strong contender for ETF approval.
- With a key SEC decision due on May 22 and a new Chair in place, XRP could gain regulatory traction just as Solana loses momentum.
Solana is seeing its American market share fall from the 25–30% range in 2022 to just 16%, signaling a quiet but notable shift in the U.S. crypto market that could have major implications for upcoming ETF approvals. Meanwhile, XRP is staging a remarkable comeback — potentially positioning itself as the frontrunner in the race for a spot ETF.
XRP Rises as Solana Slips
According to new data from Kaiko Research, XRP’s share of spot trading volume on U.S. exchanges is now at its highest level since the SEC’s lawsuit in 2021, which triggered widespread delistings of the token. This surge coincides with Solana’s fading U.S. presence, marking a dramatic reversal in fortune between the two altcoins.
Market depth tells a similar story. XRP and Solana maintain the deepest liquidity among altcoins on Kaiko-vetted exchanges, but XRP has recently overtaken SOL and doubled Cardano’s ADA in 1% market depth, further strengthening its case.
New SEC Chair, New Direction?
The timing of XRP’s rise couldn’t be more critical. Paul Atkins, newly confirmed as SEC Chair, will soon face deadlines for several crypto ETF applications. One of the most important is May 22, when the SEC must respond to Grayscale’s XRP spot ETF proposal — a moment that could signal the agency’s broader stance on crypto ETFs beyond Bitcoin and Ethereum.
Unlike Bitcoin’s approval, which leaned heavily on the existence of a futures market, XRP lacks that infrastructure. However, a 2x leveraged XRP ETF recently launched by Teucrium might pave the way. This product relies on European ETPs and swap agreements, possibly weakening the SEC’s argument that a spot XRP ETF poses higher investor risk.
Could XRP Overtake SOL in the ETF Race?
As Canada prepares to launch the world’s first spot Solana ETFs, U.S. regulators may find themselves at a crossroads. Solana’s slipping U.S. trading share could limit its momentum at home, while XRP’s resurgence offers a timely counter-narrative.
With market dynamics shifting fast and regulatory deadlines looming, XRP may finally be catching the tailwind it needs — and Solana’s stumble might just be the opportunity it’s been waiting for.
