XRP Transaction Volume Explodes — Solana Falls Behind

Just a short time ago, many believed Solana would be the next altcoin to launch its own ETF. But Kaiko's new report tells a different story. XRP is now ahead.

Key Takeaways:

* XRP transactions on U.S. exchanges have surged in the first part of 2025, placing it ahead of Solana in terms of transactional activity and market depth.

* The timing of Ripple’s settlement with the SEC and the judge’s ruling on XRP sales being securities played a role in the token’s recovery.

* With Teucrium Investment Advisors launching a 2x leveraged XRP ETF in April, XRP already has an ETF in the U.S., unlike Solana, Litecoin, Cardano, and others.

* Polymarket bettors see a 73% chance of a U.S. spot ETF for XRP being approved, the highest among altcoins.

* As the clock ticks down on a potential altcoin ETF approval, XRP now appears to be in a better position than Solana.

Just a short time ago, many in the crypto sphere had their eyes set on Solana (SOL) as the next altcoin to launch its own ETF in the United States. However, the latest report from Kaiko tells a different story, placing XRP in the lead.

One major reason for XRP’s surge in activity is the sudden growth in exchange activity and market depth. In the first part of 2025, XRP transactions in the U.S. saw a significant jump, especially considering the timing. It happened right after Ripple closed its long legal case with the SEC.

This closure and the judge’s ruling that XRP sales on crypto exchanges are not securities helped the token regain trust in the market. As a result, there was an urgency to open an XRP ETF. Teucrium Investment Advisors took the initiative and launched a 2x leveraged ETF for XRP in April.

This means a real product is already live, people are already using it, and regulators have permitted it. As Kaiko’s Adam Morgan McCarthy points out, “It’s hard to argue against allowing a spot product when there’s already an active ETF like this.”

Solana, Litecoin, Cardano, and others have only applied for ETFs, but none of them have one live on the market yet. This makes XRP stand out.

Solana Still Has Support, But XRP Is Clearly Ahead

On Polymarket, bettors now say there’s a 73% chance that a U.S. spot ETF for XRP will be approved. This is a drop from the 87% chance seen in March, but it’s still the highest among altcoins.

A judge’s ruling in 2023 helped a lot. The judge said XRP sales on crypto exchanges are not securities. This made the token safer for market use. In 2025, Ripple paid a $50 million fine. This ended the legal battle. After that, things moved faster.

Solana still has support from big companies, and its own ETF application has been pending since February 2024. However, XRP now has what it needs — strong transaction volume, a working ETF, and legal clarity. These are the same things that helped Bitcoin and Ethereum get approved.

Solana is still in the race, and it will be interesting to see which coin gets approved first. If this pace continues, XRP could be the next altcoin to get its own spot ETF in the U.S. As the clock ticks down on a potential altcoin ETF approval, it appears that XRP has a slight edge over Solana at this point in the race.