XRP (XRP) perpetual futures listed on the U.S.-based Kraken exchange have gained more popularity than their Solana (SOL) counterparts for the first time.
This month, trading volumes on Kraken-listed XRP perpetuals have exceeded $3.48 billion, surpassing Solana’s total of $3.23 billion, according to Kraken. The exchange introduced XRP perpetual futures in 2022.
XRP has also outperformed in terms of price gains, with the payments-focused cryptocurrency’s value increasing over 40% this month to reach a record high of $3.66. In comparison, Solana’s SOL rose only 17% to $181, as reported by RialCenter.
Regarding the volume, Alexia Theodorou, the head of derivatives at Kraken, mentioned that it clearly indicates renewed optimism around XRP.
“It’s driven by growing market confidence following the SEC lawsuit resolution and bolstered by the election of a more crypto-friendly administration,” Theodorou remarked. “XRP has been one of the biggest beneficiaries of the pro-crypto momentum shift in the U.S., with the spot price climbing from around $0.50 just before the election to a new all-time high.”
He added that XRP has become a focal point for traders speculating on the broader crypto market trajectory.
Solana Dominates Open Interest
XRP has consistently maintained a larger market capitalization than SOL, currently valued at $184 billion compared to SOL’s $97 billion.
However, open interest in XRP futures remains smaller than that of SOL, indicating a dominance of holders in the XRP market and more speculation surrounding SOL. Open interest refers to the number of active or open contracts at any given time.
As of this writing, the cumulative open interest in Kraken-listed SOL/USDT and SOL/USD pairs was about $55 million, while XRP’s was $34 million, according to Coinglass.
Globally, XRP’s open interest stands at $8.53 billion, trailing SOL’s $10.69 billion. Bitcoin and ether lead the market, with open interest of $83 billion and $55 billion, respectively.
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