For the first time, XRP perpetual futures on the U.S.-based crypto exchange Kraken have surpassed trading volume for Solana's (SOL) perpetual futures—reflecting a serious spike in investor interest in the payment-focused token XRP.

According to data from CoinDesk, XRP perpetuals were $3.48 billion in volume on Kraken this month compared to Solana's $3.23 billion.

The volume increase came on the heels of a 40% rise in XRP's spot price to $3.66, while SOL's price increased 17% to $181. Kraken's head of derivatives, Alexia Theodorou, said that the volume increase corresponds with a renewed confidence in XRP, positivity about a more pro-crypto administration led by President Donald Trump, and the conclusion of the SEC lawsuit.

The XRP token has benefited the most from the recent pro-crypto sentiment change in the U.S., said Theodorou to CoinDesk, referencing XRP's rise from $0.50 leading into the 2024 election to its most recent all-time high.

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XRP is leading the market in volume and market cap, with XRP having a market cap of $184 billion versus Solana's $97 billion. Although XRP leads in market capitalization, SOL surpasses it in total open interest.

Coinglass reports that SOL futures' total open interest is $10.69 billion, versus $8.53 billion of XRP futures open interest. Using Kraken alone for this data, SOL has $55 million of open contracts compared to XRP's $34 million.

This disparity suggests that, despite more traders actively buying and holding XRP, SOL still exhibits more trading activity, which appears to be speculative.

In addition, Bitcoin and Ethereum still have a far greater open interest than any generalized altcoin. With Bitcoin and Ethereum still leading in open interest globally, XRP's recent surge hints at shifting trader sentiment in the altcoin space.

XRP futures outperform Solana on Kraken first appeared on TheStreet on Jul 30, 2025