Kraken Sees XRP Futures Volume Surpass Solana for the First Time Amid Market Rally

In a significant market shift, XRP perpetual futures on Kraken have surpassed Solana (SOL) in trading volume for the first time, recording $3.48 billion traded this month compared to SOL's $3.23 billion. This milestone coincides with a strong price rally for XRP, which surged 40% to a record $3.66, outperforming SOL's 17% gain. The renewed Optimism in XRP follows the resolution of its SEC lawsuit and a broader crypto-friendly regulatory environment in the U.S., as noted by Kraken's derivatives head. This development highlights XRP's growing dominance in the derivatives market and its resilience amid regulatory challenges.

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

XRP perpetual futures on Kraken have overtaken Solana's in trading volume for the first time, with $3.48 billion traded this month compared to SOL's $3.23 billion. The payments token has also outperformed in price, surging 40% to a record $3.66 while SOL gained 17%.

Kraken's derivatives head attributes XRP's momentum to renewed market optimism following the SEC lawsuit resolution and a crypto-friendly U.S. political shift. "XRP became a bellwether for traders betting on broader crypto adoption," said Alexia Theodorou, noting its rise from $0.50 pre-election to all-time highs.

Despite SOL's lead in open interest, XRP maintains a dominant market cap of $184 billion. The divergence highlights how regulatory clarity and institutional sentiment are reshaping altcoin hierarchies.

Kraken Targets $15B Valuation in $500M Funding Round Ahead of 2026 IPO

Cryptocurrency exchange Kraken is seeking $500 million in fresh funding at a $15 billion valuation, laying groundwork for a potential public listing by early 2026. The MOVE capitalizes on resurgent institutional interest in crypto infrastructure following regulatory milestones and bullish market conditions.

Revenue surged 128% to $1.5 billion in 2024, fueled by $1 billion+ daily trading volumes. Strategic acquisitions like NinjaTrader and the global payment app Krak demonstrate aggressive expansion beyond Core exchange operations.

Regulatory victories under Europe's MiCA framework and resolved SEC litigation have strengthened investor confidence. The exchange's Solana-based xStocks platform now offers tokenized equity trading, bridging traditional and crypto markets.