XRP (XRP) perpetual futures listed on the U.S.-based Kraken exchange have become more popular than their sol (SOL) counterparts for the first time.
Trading volumes on Kraken-listed XRP perpetuals have topped $3.48 billion this month, outpacing the Solana token's tally of $3.23 billion, Kraken told CoinDesk. The exchange listed the XRP perpetual futures in 2022.
XRP has also stolen the show in terms of price performance. The payments-focused cryptocurrency's price has surged over 40% this month, hitting a record high of $3.66. Meanwhile, programmable blockchain Solana's SOL has risen only 17% to $181, CoinDesk data show.
Commenting on the volume, Alexia Theodorou, the head of derivatives at Kraken, said that it's a clear reflection of renewed optimism around XRP.
“It's driven by growing market confidence following the SEC lawsuit resolution and reinforced by the election of a more crypto-friendly administration,” Theodorou told CoinDesk. “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 right before the election to a new ATH.”
He added that XRP has become a key focal point for traders speculating on the trajectory of the broader crypto market.
Solana rules in open interest
XRP has consistently been larger than SOL in terms of market capitalization. Currently, XRP boasts a market value of $184 billion, almost double SOL's $97 billion.
Still, open interest in XRP futures remains smaller than SOL, suggesting a dominance of holders in the XRP market and more speculation in SOL. Open interest refers to the number of active or open contracts at a given time.
As of the time of writing, cumulative open interest in Kraken-listed SOL/USDT and SOL/USD pairs was roughly $55 million versus XRP's $34 million, according to data source Coinglass.
The global open interest in XRP was $8.53 billion, trailing SOL's $10.69 billion. Bitcoin and ether were market leaders, with $83 billion and $55 billion in open interest.
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