For the First Time, XRP Futures Volume on Kraken Surpasses Solana as Bullish Momentum Builds

XRP Futures Volume on Kraken Surpasses Solana for First Time Amid Price Breakout

For the first time, XRP perpetual futures have overtaken Solana (SOL) on Kraken in terms of trading volume, underscoring a surge in interest following XRP’s recent price rally.

According to data shared by the U.S.-based exchange, trading volume for XRP perpetuals has climbed to $3.48 billion so far in July, surpassing SOL’s $3.23 billion. The milestone comes as XRP prices surged over 40% this month, hitting a new all-time high of $3.66. In contrast, SOL rose 17% to $181.

“This shift in volume is being driven by renewed market confidence in XRP,” said Alexia Theodorou, Head of Derivatives at Kraken. “The resolution of the SEC lawsuit, combined with the arrival of a more crypto-forward U.S. administration, has helped restore bullish sentiment.”

Theodorou added that XRP is now serving as a key proxy for broader crypto market momentum, with traders actively positioning around its performance.

Despite the recent volume lead, SOL remains dominant in terms of open interest—the total value of active futures contracts—on Kraken and globally. As of publication, open interest on Kraken stood at $55 million for SOL/USDT and SOL/USD pairs, compared to $34 million for XRP.

Global figures show a similar trend: XRP open interest across exchanges is currently $8.53 billion, trailing SOL’s $10.69 billion. Bitcoin and Ethereum remain far ahead, with $83 billion and $55 billion in open interest, respectively.

Still, XRP holds a clear lead in market capitalization, standing at $184 billion versus SOL’s $97 billion, reflecting investor conviction and growing institutional attention.