XRP leads in new ETF applications ahead of the SEC deadlines

XRP is emerging as the most likely contender for altcoin exchange-traded funds. According to a recent analysis, XRP (XRP) has more ETF submissions than any other token, with ten. Solana (SOL) is in second position, with five ETF issuers having filed. 

XRP’s liquidity makes it a key candidate for ETF approval

According to Kaiko, XRP and Solana are both potential contenders for approval. This is because both assets have a highly liquid spot market, which the US Securities and Exchange Commission will consider when processing applications. XRP and Solana have the largest 1% market depth, which indicates near-price liquidity. 

XRP and SOL are two of the most popular and liquid assets used in ETFs. A highly liquid spot market is critical for developing efficient structured products, and the previous SEC leadership was acutely aware of this. XRP’s market depth increased significantly around the end of 2024 when it overtook Solana in terms of market capitalisation. However, neither token has an active futures market, which Kaiko believes was a crucial factor in the SEC’s decision to list Bitcoin’s ETF product. Furthermore, its trading volume is primarily focused outside of the United States, which raises additional concerns for the SEC. However, XRP’s domestic trading volume has increased dramatically following its delisting from the United States. 

Exchanges in 2021. In contrast, Solana’s proportion of domestic volume has steadily fallen, falling from 30-25% to 16%. This increase in domestic trading volume puts XRP ahead in terms of ETF issuance. 

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