XRP overtakes Solana in race for spot ETF approval
XRP gains momentum as ProShares sets futures ETF launch target
In a move signaling accelerating institutional interest in alternative digital assets, ProShares has amended its filing to indicate an April 30 launch date for its XRP futures ETF—pending regulatory approval.
The company, renowned for launching the first U.S.-approved Bitcoin futures ETF in 2021, seeks to capitalize on rising demand for XRP exposure. The planned ETF, however, will not directly hold XRP but will be tied to futures and swaps linked to the asset.
Key figures and facts
- ProShares plans to launch an XRP futures ETF on April 30, pending SEC approval.
- XRP is trading at $2.08, up over 13% in the last week.
- XRP now ranks fourth in market cap, surpassing Solana in ETF interest.
- Spot XRP ETF applications filed by Grayscale, Bitwise, 21Shares, CoinShares, and Canary Capital.
- The ETF will invest in XRP-linked futures and swaps, not the token itself.
XRP surpasses Solana in spot ETF race
The Securities and Exchange Commission (SEC) has yet to formally greenlight the product, which underscores broader concerns about the regulator’s historically cautious approach to spot cryptocurrency ETFs. Despite this, analysts suggest approval may be imminent, driven by robust trading activity and increasing filings from major issuers. Nate Geraci, President of the ETF Store, recently stated that a spot XRP ETF could receive approval “sooner rather than later.”
Kaiko’s latest market report places XRP ahead of Solana in the race toward spot ETF approval. Key contributing factors include XRP’s rising spot volume—the highest since the 2020 SEC lawsuit—as well as greater market depth and renewed listings on U.S. exchanges. With a current trading price of $2.08, XRP has gained more than 13% in the past week and ranks fourth in overall market capitalization.
Institutional interest continues to mount. Leading firms including Grayscale, Bitwise, 21Shares, CoinShares, and Canary Capital have all filed for spot XRP ETFs. Kaiko’s report also notes that XRP’s liquidity and previous SEC approvals of indirect exposure products provide it a competitive edge. Though Solana-based funds remain viable contenders, XRP's recent resurgence and established market profile have positioned it at the forefront of the ETF conversation.
What comes next
With ProShares’ futures ETF awaiting SEC clearance and a flurry of spot ETF filings from major firms, the market is poised for a pivotal moment in digital asset investing. Analysts and investors will be watching closely over the next few weeks for signs of regulatory movement that could open the door to broader crypto ETF adoption beyond Bitcoin and Ethereum.
In addition, we informed you earlier that XRP сould overtake Ethereum in market cap by end of year.
