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Solana vs. XRP: Who Will Win the Next ETF Race?

Key Takeaways
  • After the approval of Bitcoin and Ethereum ETFs, there's growing discussion in the market about which crypto will be the next ETF recipient.
  • Solana ETF emerges as a strong contender, but the XRP community anticipates XRP ETF approval by 2025.
  • Institutions like Standard Chartered believe that both XRP and Solana ETFs could be approved by 2025.
28-May-2024 By: Supriya Raje
Solana vs. XRP: Who

Solana or XRP: Who Will Get ETF Approval First?

The US Securities and Exchange Commission (SEC) has greenlit two types of cryptocurrency ETFs (Exchange-Traded Funds) this year. Initially, spot Bitcoin (BTC) ETFs gained approval, followed by Ethereum (ETH) ETFs in recent months. With these approvals, speculation has surged in the market regarding which cryptocurrency will be the next to secure an ETF approval, whether it's Solana (SOL), Ripple's XRP, or another digital asset.

Market analysts and experts have varying opinions on this matter. Recently, Brian Kelly, CEO of BKCM, suggested that Solana (SOL) stands as a potential candidate for the next cryptocurrency exchange-traded fund (ETF). Similarly, Daniel Yan, co-founder of Matrixport, has also voiced support for a Solana ETF. Additionally, institutional perspectives, such as those from Standard Chartered, posit that both XRP and Solana ETFs could potentially gain approval by 2025. Amidst this, discussions have intensified regarding the potential contender for the next ETF, following Ethereum's recent approval.

Solana or XRP: Which Will Get the Next ETF?

On one hand, Solana ETF appears as a strong contender because it's one of the most popular coins after Bitcoin and Ethereum. Therefore, the likelihood of Solana ETF approval is higher, especially considering the increased attention and investment in Ethereum following Bitcoin ETF approval. Moreover, experts suggest that demand for a spot Solana ETF might surpass that of Bitcoin and Ether ETFs.

However, the XRP community is hopeful for XRP ETF approval by 2025. A recent survey on social networks revealed that 66.1% of members believe XRP ETF will be approved by 2025. Nevertheless, Ripple's ongoing legal battle with the SEC could pose a hurdle for XRP ETF approval. Despite this, Ripple's CEO Brad Garlinghouse remains confident that the SEC will approve XRP ETF, asserting that XRP and BTC are the only cryptocurrencies with regulatory clarity. With BTC already having an ETF launched, XRP is expected to be the next contender.

Solana (SOL) and XRP are the main contenders for ETF approval. It remains to be seen which one emerges victorious and secures ETF approval.

While discussions about Solana and XRP ETFs are increasing in the market, JPMorgan has expressed doubts about SEC approval for Solana and other crypto ETFs. JPMorgan believes that the SEC will not approve ETFs for any currency other than Bitcoin and Ethereum. Therefore, it will be interesting to see which coin, other than Bitcoin and Ethereum, receives approval in the coming times.

Also Read:- The Spot Ether ETF has received approval from the SEC

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