Key Takeaways:
- XRP futures volume on Kraken hit $3.48 billion in July, outshining Solana’s record of $3.23 billion, marking a milestone in derivatives demand.
- XRP surged over 40% to a new high of ~$3.66 last July 18, while Solana also hit a major milestone, briefly closing the $200 mark before settling near $181 today.
- Solana still leads in global futures open interest, recording $10.69 billion versus XRP’s $8.53 billion, highlighting deeper speculative positioning.
For the first time since listing in 2022, XRP perpetual futures have surpassed Solana in monthly trading volume on Kraken, reaching over $3.48 billion in July versus Solana’s $3.23 billion. This shift highlights renewed investor interest in XRP derivatives, following a significant price increase and sentiment.
Spot price momentum
Statistics from CoinDesk’s recent report shows XRP’s spot price surged more than 40% this month, peaking at an all-time high of approximately $3.66 on July 26. Meanwhile, Solana also reached a significant milestone this month, breaking above the $200 mark for the first time since February 2024, before settling near the $181 level. These rallies mark critical momentum points for both tokens, reflecting strong speculative demand across the crypto market.
Why the shift?
Expert analysis from AInvest’s recent article attribute XRP’s surge to improved cryptocurrency regulatory clarity and improved institutional confidence. The U.S. Securities and Exchange Commission (SEC) officially dropped its remaining claims against Ripple executives in June, and the broader crypto market has been responding positively to the clearer legal landscape. Investors now are more confident for XRP’s security for long-term crypto investment, signaling a positive interest in its derivatives market.
Meanwhile, Alexia Theodorou, Kraken’s head of derivatives, highlighted XRP’s futures volume surge in an interview conducted by CoinDesk, noting:
It's driven by growing market confidence following the SEC lawsuit resolution and reinforced by the election of a more crypto-friendly administration.
She also noted that XRP has been “one of the biggest beneficiaries of the pro-crypto momentum shift in the U.S,” while highlighting its spot price surge from around $0.50 to $3 mark.
Market structure comparison
Although XRP’s volume lead on Kraken is noteworthy, Solana continues to dominate in global derivative activity. Coinglass data reports Kraken open interest of roughly $34 million for XRP versus $55 million for SOL. On a global level, SOL maintains $10.69 billion in open interest versus XRP’s $8.53 billion, underlining broader speculative positioning in SOL derivatives.
According to CoinGecko’s latest market data, XRP trades at roughly $3.16 with a daily gain of 1.1%, ranging $3.04 to $3.17 (24H) as of writing. SOL, on the other hand, currently trades near $181.75 with an intraday gain of 0.7% and a $173.22-to-$181.78 24H range.
XRP’s overtaking SOL’s futures trading volume on Kraken this month is not just a short-term momentum, but it’s also a reflection of improving institutional confidence and regulatory clarity, pushing this coin to attract investors while changing its image from being a speculative coin to a mainstream crypto asset.
Summary
In July 2025, XRP surpassed Solana in monthly futures trading volume on Kraken, hitting $3.48 billion versus SOL’s $3.23 billion. This marks the first time XRP futures have led since their 2022 listing. The rally comes after XRP’s spot price surged 40% to ~$3.66, driven by renewed institutional interest following the SEC’s dismissal of claims against Ripple. Analysts credit regulatory clarity and growing confidence in XRP’s long-term viability. While SOL retains higher global open interest ($10.69B vs $8.53B), XRP’s rising derivatives appeal may signal a shift in speculative focus toward the asset.
