SEC’s ETF Drama: XRP Races Ahead, Solana Trips Over Its Shoelaces

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Now, if there’s one thing a riverboat gambler and a crypto enthusiast have in common, it’s the yearning for a little excitement—and by the looks of it, XRP and Solana (SOL) are doing more dancin’ than a cat on a hot tin roof in the race for some shiny new spot ETFs in the Land of the Free. According to those Kaiko number crunchers—who I assume spend their days knee-deep in spreadsheets and black coffee—these two digital critters stand out for being liquid enough to float Hannibal and half the Mississippi fleet. Heck, XRP might even be first in line, like a person who actually shows up to vote.

XRP and SOL: Chasing That Shiny ETF Dream

The folks over at the US Securities and Exchange Commission seem to be in for a doozy. Why? Because Paul Atkins just sashayed in as the new sheriff, courtesy of the Senate. 👏 (Never trust a man with two first names unless he’s serving you whiskey or running the SEC.)

Atkins, having already wrangled at the SEC before, inherits a whole mess of crypto headaches. Crypto itself ain’t much more than a tick on a bull right now, but some looming ETF deadlines might just force him to pay attention—like a man who realizes he’s been sleeping on a nest of fire ants.

Banks and asset managers have stampeded the ETF Wild West lately, tossing in apps faster than a poker dealer can shuffle. Atkins could flip the script and maybe, just maybe, bring a new era—assuming he doesn’t trip over all that “cautious” red tape left behind. Yeehaw.

Why are XRP and SOL leading the pack? Turns out, being liquid is good—who’d have thunk it? Apparently, these tokens have more 1% market depth on vetted exchanges than a river’s got catfish. XRP’s depth is booming since late 2024; it passed SOL, doubled Cardano’s (ADA) supply, and probably made some ADA holders spit their coffee. 🤠

While Bitcoin (BTC) got its ETF thanks to more courtroom drama than a soap opera, XRP’s road’s a bit different—and with even less popcorn.

Mark Your Calendars (If You Own One)

XRP doesn’t mess with futures markets for now, and most trading is offshore. But Kaiko says US spot volume for XRP just rocketed sky-high, highest since the SEC got all lawsuit-happy back in 2021. That lawsuit got XRP kicked off half the exchanges—kind of like getting thrown out of more bars than you can count. 🍻

Meanwhile, Solana’s US market share is disappearing like free peanuts at a saloon, falling to around 16% from the good old 25–30% days of yore. Ouch.

With this game of musical chairs, plus a new 2x XRP ETF strutting into town, XRP looks like it might just win the race—unless someone moves the finish line, which happens more often than you’d think.

The SEC finally said “Howdy” to XRP spot ETF applications this February, lumping them in with the rest. But if you like nail-biting, circle May 22 on your calendar, ‘cause that’s when the SEC’s supposed to answer Grayscale’s filing. (Get your popcorn ready, or just watch your portfolio sweat.)

Meanwhile, the options market looks gloomier than Huck Finn in a spelling bee. On Deribit, folks are loading up on downside protection for April 18, so it seems everyone’s hedging harder than Aunt Polly at auction. 🙃

For what it’s worth—which is a phrase I often say when I mean “don’t get too excited”—XRP’s sitting at $2.085, up nearly 20% this week. Just don’t bet the farm on tomorrow. 🌽

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2025-04-16 16:19