XRP and Solana (SOL) are emerging as leading contenders for spot exchange-traded fund (ETF) approvals in the U.S., driven by their high liquidity. According to a Kaiko analysts' report, XRP's market readiness is particularly strong. The confirmation of Paul Atkins as SEC Chair signals a potential shift in cryptocurrency regulation.
Atkins inherits a complex regulatory landscape, including pending crypto ETF applications. Asset managers have recently filed for crypto ETFs, presenting Atkins with an opportunity to reshape the SEC's approach. XRP and SOL are favored due to their liquidity, a crucial factor for structuring financial products.
Kaiko Indices reports that XRP and SOL have the highest average 1% market depth among vetted exchanges. XRP's market depth has significantly increased since late 2024, surpassing SOL. The SEC acknowledged spot ETF applications for XRP in late February, with a response to Grayscale's XRP spot filing expected by May 22.
Currently, XRP is trading around $2.08, while Solana is trading around $131. While the ETF race is ongoing in the US, Canada has already approved Solana ETFs. These developments highlight the increasing institutional interest in these cryptocurrencies.