XRP Futures Volume Surpasses Solana on Kraken Amid Price Rally

XRP perpetual futures on Kraken have overtaken Solana (SOL) for the first time in trading volume, highlighting a shift in trader interest as XRP’s market momentum accelerates.

According to data shared with CoinDesk, XRP perpetuals listed on the U.S.-based exchange registered $3.48 billion in volume this month, surpassing SOL’s $3.23 billion. Kraken introduced XRP perpetuals in 2022.

The surge coincides with XRP’s dramatic price performance. The payments-focused token has climbed over 40% this month to a record high of $3.66, while SOL gained a more modest 17% to reach $181, per CoinDesk pricing data.

“This volume surge reflects renewed confidence in XRP following the resolution of the SEC lawsuit and the election of a crypto-friendly U.S. administration,” said Alexia Theodorou, Kraken’s Head of Derivatives. “XRP has become a central asset for traders positioning around broader crypto market direction.”

Despite XRP’s lead in trading volume, SOL continues to dominate in terms of futures open interest. Kraken’s SOL/USDT and SOL/USD pairs collectively held roughly $55 million in open contracts, compared to XRP’s $34 million, based on Coinglass data.

Globally, XRP futures open interest stood at $8.53 billion—behind SOL’s $10.69 billion—suggesting a greater degree of long-term holding in XRP, versus more speculative activity in SOL markets.

XRP’s market capitalization has also widened its lead, standing at $184 billion versus SOL’s $97 billion, reinforcing its broader appeal in the current market environment.

Bitcoin and ether remain the leaders in global open interest, with $83 billion and $55 billion, respectively.