News 
April 15, 2025 
4 min. 
Following Bitcoin and Ethereum ETF approvals, the crypto world is asking a key question: which altcoin will be next? Kaiko research suggests XRP could lead the race for a U.S. spot ETF among all major altcoins.
XRP may even outperform Solana, Dogecoin, and Litecoin in securing early regulatory approval for a spot ETF.
Here’s what’s driving Kaiko’s confidence in XRP’s chances…
Kaiko Analysis: XRP Leads Altcoin Pack in U.S. ETF Momentum
XRP is becoming a top contender in the U.S. spot ETF race, surpassing rivals like Solana and Litecoin.
Kaiko reports XRP leads in ETF filings among altcoins, with ten applications—more than Solana’s five and Litecoin or Dogecoin’s three.
XRP’s advantage goes beyond numbers; it leads in liquidity with the strongest “1% market depth” on major crypto exchanges. This depth shows high trading activity near market price, a key factor for SEC approval of any potential ETF.
By the end of 2024, XRP had significantly strengthened its market position, surpassing Solana and doubling Cardano’s performance metrics.
Teucrium recently launched a leveraged XRP ETF, called XXRP, designed to double XRP’s daily price movements for investors. Interestingly, this leveraged ETF received regulatory approval before any basic spot XRP ETF hit the market.
Experts say if a complex leveraged ETF is approved, then a straightforward spot ETF should logically follow without major hurdles.
New SEC Leadership May Accelerate Crypto ETF Approvals
The recent change at the helm of the U.S. Securities and Exchange Commission (SEC) could mark a turning point for crypto regulation. With Gary Gensler stepping down, pro-crypto advocate Paul Atkins has assumed the role of SEC Chair—raising hopes for a more supportive stance toward digital asset investment products.
This leadership shift could pave the way for quicker and more favorable decisions regarding spot crypto ETFs. As a result of that, Industry giants such as Grayscale, VanEck, and Bitwise have already submitted filings, with XRP among the assets targeted for ETF approval.
All eyes are now on May 22, the deadline for the SEC’s response to Grayscale’s application for a spot XRP ETF—a decision that could signal a broader regulatory shift in the crypto space.
Polymarket Forecasts Strong Odds for XRP ETF by 2025
Prediction platform Polymarket estimates an 80% likelihood that a spot XRP ETF will receive regulatory approval before the end of 2025—signaling growing confidence in the asset’s institutional future.
Adding to the momentum, Ripple CEO Brad Garlinghouse recently announced the conclusion of the company’s long-running legal dispute with the SEC. With that regulatory cloud lifted, one of the biggest hurdles to an XRP ETF approval has now been cleared.
