Kraken Sees XRP Futures Volume Overtake Solana Amid Market Rally

In a significant shift on Kraken, XRP perpetual futures have surpassed Solana (SOL) in trading volume for the first time, with $3.48 billion traded this month compared to SOL's $3.23 billion. This development comes as XRP's price surged 40% to a record $3.66, while SOL saw a 17% increase to $181. Alexia Theodorou, Kraken's derivatives head, attributes XRP's dominance to renewed market Optimism following the resolution of the SEC lawsuit and a broader crypto-friendly political shift. The rally highlights growing investor confidence in XRP as a payments token, signaling a potential shift in market dynamics favoring established cryptocurrencies with regulatory clarity.

XRP Futures Volume Surpasses Solana on Kraken Amid Price Rally

XRP perpetual futures on Kraken have overtaken Solana's trading volume for the first time, with $3.48 billion traded this month compared to SOL's $3.23 billion. The payments token's price surged 40% to a record $3.66, while SOL gained 17% to $181.

Kraken's derivatives head Alexia Theodorou attributes XRP's dominance to renewed market optimism following the SEC lawsuit resolution and a crypto-friendly political shift. "XRP has become a key proxy for broader crypto market sentiment," Theodorou noted.

Despite the volume shift, solana maintains higher open interest. XRP's $184 billion market cap continues to dwarf most rivals, reflecting its resurgence as institutional interest grows.

Florida Authorities Ordered to Return Seized Bitcoin After Legal Flaws Exposed

Volusia County Sheriff's Office faces a costly reversal after a flawed cryptocurrency seizure. Attorney Leslie Sammis successfully challenged the confiscation of 1.19121 BTC from an EU-licensed brokerage's Kraken account, revealing procedural violations that undermined the case.

The seizure stemmed from a $20,000 fraud investigation tracing funds to the brokerage's account. Despite full cooperation from the company—which maintained no involvement in the fraud—authorities froze assets worth $450,000 that later appreciated beyond $700,000. The warrant lacked proper court filing and case numbering, creating fatal legal defects.

"This exposes the strange world of civil asset forfeiture," Sammis noted. The ruling requires Florida authorities to return all cryptocurrency, recover $95,030.59 erroneously sent to Wisconsin, and cover legal fees—a stark reminder of regulatory overreach in crypto investigations.

FG Nexus Launches $200M Ether Treasury Strategy on Ethereum's 10th Anniversary

Nasdaq-listed Fundamental Global (FGF) has rebranded as FG Nexus, marking its entry into digital assets with a $200 million private placement. The capital will fund an ether-based treasury strategy, positioning ETH as its primary reserve asset. High-profile backers include Galaxy Digital, Kraken, and Digital Currency Group.

Galaxy will advise on treasury management and staking infrastructure, while Kraken handles staking operations. The move reflects growing institutional confidence in ethereum as a settlement layer. Public companies like Bit Digital and SharpLink Gaming have recently adopted similar ETH treasury strategies.

Leadership features blockchain pioneer Maja Vujinovic and former TD Ameritrade CEO Joe Moglia. New tickers FGNX and FGNXP will debut in early August following the offering's close.