XRP and Solana (Sol) are the main candidates for a spot ETF approval in the US, driven by their high liquidity, with the undulation -related file exceeding among others, so it could go live in the market before, Kaiko analysts shared in a Monday report.
Kaiko’s index data shows that XRP and Sol have the depth of the deeper market of 1% in the exchanges examined, with XRP passing through sun since the late 2024 and doubling Cardano’s ada into liquidity.
Unlike Bitcoin, which obtained the approval of the ETF Spot after Grayscale’s legal victory highlighted the inconsistent position of the SC in future and Spot markets, XRP works differently. It lacks a robust futures market, and its negotiation volume is largely at the high seas.
However, the participation in the XRP spot market in the US has risen to its maximum expression since the 2021 demand of the SEC triggered the delisting, while the US Sun’s participation has dropped to 16% since a 2022 peak of 25-30%.
The XRP impulse is reinforced by the recent launch of a Teucrium ETF 2x XRP, which tracks European ETPs and exchange agreements to deliver XRP daily yields twice. More than $ 5 million in volumes accumulated on the day of debut, as reported, it became the “most successful launch” of the supplier.
“This underlying market improved the dynamics and launch of an ETF XRP 2x last week XRP before other assets when it comes to approval,” Kaiko analysts wrote. “Although some tokens, such as LTC, that have consensus mechanisms very similar to BTC and share similarities with basic products, they could also have a clear path towards approval.”
However, despite the strong foundations of XRP, the Deribit options market reflects the caution, with a bearish bias in the implicit volatility smile for the expirations of April 18, indicating the demand for downward protection.
The SEC has recognized several applications of ETF Spot XRP, with the presentation of Grayscale compared to a critical deadline of May 22.
