Crypto research firm Kaiko says XRP could become the next big cryptocurrency to get a U.S. spot ETF approval, possibly even before Solana (SOL), Dogecoin (DOGE), or Litecoin (LTC).

According to Kaiko, XRP has the most ETF filings among altcoins, with 10 active applications. Solana has five, while Litecoin and Dogecoin have three each.

XRP also stands out in terms of liquidity. It has the highest “1% market depth” among altcoins on major exchanges. This means there is strong buying and selling activity close to the market price, which the SEC sees as important for ETF approval.

After the approval of Bitcoin and Ethereum ETFs, the crypto world is now wondering which altcoin will be next.

According to the firm’s analysis, XRP appears to be ahead in the race.

Back in December, Solana was leading in terms of ETF filings, with eight applications compared to five for XRP. However, by the end of 2024, XRP’s market strength grew even more, surpassing Solana and doubling Cardano.

Another key development was the launch of Teucrium’s leveraged XRP ETF (XXRP)— aiming to double XRP’s daily return. Interestingly, this product was approved before a basic spot ETF. Experts say if a risky leveraged ETF is allowed, there’s little reason to delay a simple spot version.

New SEC Chair May Bring Faster ETF Decisions

This change in leadership could lead to faster and more positive ETF decisions. Several major players, including Grayscale, VanEck, and Bitwise, have already filed for spot crypto ETFs, with XRP among them.

Further, a key date to watch is May 22, when the SEC is set to respond to Grayscale’s XRP ETF application.

According to Prediction market Polymarket, there’s an 80% chance that a spot XRP ETF will be approved by the end of 2025.

Garlinghouse also confirmed that their legal battle with the SEC had ended, removing a major barrier to ETF approval.