According to crypto analytics firm Kaiko, XRP is currently the leading candidate to receive the next spot ETF approval in the U.S., following Bitcoin and Ethereum.
Thanks to its high market liquidity and the recent launch of a 2x leveraged ETF product by Teucrium, XRP stands ahead of other altcoins. Kaiko reports that XRP has 10 active ETF filingsmore than Solana (5), Litecoin (3), and Dogecoin (3). Analysts also highlight XRP’s superior 1% market depth on centralized exchanges, a key factor in ETF approval due to reduced slippage and greater trade reliability.
XRP’s spot market volume has surged to its highest levels since before the SEC lawsuit in 2021, surpassing Solana and doubling that of Cardano. This rise is partly attributed to Donald Trump’s election victory and Ripple’s settlement with the SEC in March. Teucrium’s 2x leveraged XRP ETF (XXRP), launched last week, marked the first XRP ETF product in the U.S. Bloomberg analyst Eric Balchunas noted that it’s highly unusual to see a leveraged ETF approved before a spot version.
The SEC is expected to respond to Grayscale’s spot XRP ETF application by May 22. Kaiko analysts argue that, following the approval of the leveraged product, there’s little justification left for the SEC to reject the spot version. Meanwhile, Canada has yet to approve any XRP-based ETF, which could position the U.S. as a global leader in XRP ETF offerings.
