XRP Futures Surpass Solana on Kraken Amid 40% Price Surge

XRP perpetual futures have overtaken Solana (SOL) in trading volume on U.S.-based crypto exchange Kraken for the first time, signaling a surge in investor interest. According to data shared with CoinDesk, XRP perpetual futures recorded $3.48 billion in volume this month, exceeding SOL’s $3.23 billion. Kraken first listed XRP perpetuals in 2022.

XRP’s rising popularity coincides with a strong price rally. The payments-focused cryptocurrency has soared over 40% this month, hitting a record high of $3.66. In comparison, Solana’s SOL token has gained 17%, reaching $181. Market experts attribute XRP’s momentum to renewed confidence following the resolution of the U.S. Securities and Exchange Commission (SEC) lawsuit and the election of a more crypto-friendly administration.

Alexia Theodorou, Kraken’s head of derivatives, noted that XRP has become a focal point for traders speculating on broader market trends. The token’s spot price has climbed dramatically from around $0.50 before the election to its new all-time high, underscoring shifting sentiment in the U.S. crypto market.

Despite XRP’s dominance in market capitalization—currently valued at $184 billion compared to SOL’s $97 billion—Solana leads in open interest, a measure of active futures contracts. Data from Coinglass shows cumulative open interest for SOL futures at $55 million on Kraken, compared to $34 million for XRP. Globally, SOL also edges out XRP with $10.69 billion versus $8.53 billion in open interest. Bitcoin and Ethereum remain far ahead, with $83 billion and $55 billion, respectively.

The sharp rise in XRP futures activity highlights growing institutional and retail demand, positioning the token as a major player in the evolving crypto derivatives market.