What to know:
- In a thrilling twist, XRP and Solana are the top contenders for a U.S. spot ETF approval, with XRP possibly zooming ahead like a cheeky little rocket! 🚀
- Since the SEC’s 2021 lawsuit, XRP’s U.S. market share has ballooned, while poor Solana has seen its share tumble down like a clumsy elephant on roller skates! 🐘
- Teucrium has just launched a 2x XRP ETF, giving XRP a turbo boost, even though the options market is acting a bit like a nervous cat! 🐱
Gather ’round, dear readers! XRP and Solana (SOL) are strutting their stuff as the prime candidates for a spot ETF approval in the U.S. They’re like two sprightly children in a candy store, with XRP leading the charge, as reported by the wise folks at Kaiko! 🍭
According to the magical data from Kaiko Indices, XRP and SOL have the deepest 1% market depth on vetted exchanges. XRP has been galloping past SOL since late 2024, even doubling Cardano’s ADA in liquidity! Talk about a race! 🏇
Now, unlike our friend Bitcoin, who got a shiny spot ETF approval after Grayscale’s legal shenanigans, XRP is playing a different game. It doesn’t have a robust futures market, and its trading volume is mostly off in the wild blue yonder! 🌊
But wait! XRP’s U.S. spot market share has soared to dizzying heights since the SEC’s 2021 lawsuit caused a ruckus, while poor SOL has slipped to a mere 16% from its 2022 peak of 25–30%. Oh dear! 😱
With the recent launch of a 2x XRP ETF by Teucrium, which promises to deliver twice XRP’s daily returns, XRP is on a roll! It racked up over $5 million in volumes on its debut day, becoming the provider’s “most successful launch.” Quite the achievement, eh? 🎉
“This underlying market’s improving dynamics and the launch of a 2x XRP ETF last week position XRP ahead of other assets when it comes to approval,” the clever Kaiko analysts wrote. “Though some tokens, like LTC, which share similarities with BTC, could also have a clear path to approval.”
However, despite XRP’s strong fundamentals, the options market on Deribit is showing a bit of caution, with a bearish skew in the implied volatility smile for April 18 expirations. It seems they’re looking for a safety net! 🛡️
The SEC has acknowledged several XRP spot ETF applications, with Grayscale’s filing facing a nail-biting May 22 deadline. Will they make it? Stay tuned! 📅
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2025-04-15 16:15