As the U.S. Securities and Exchange Commission (SEC) prepares to rule on spot exchange-traded funds (ETFs), analysts at digital asset market data provider Kaiko see both XRP and solana (SOL) as prime candidates for approval.

正如美國證券交易委員會（SEC）準備在現貨交易所交易基金（ETF）統治時，數字資產市場數據提供商Kaiko的分析師將XRP和SOLANA（SOL）視為批准的主要候選人。

This is due to their high liquidity, which is crucial for ETF approval, according to a Monday report by Kaiko.

根據Kaiko的周一報告，這是由於它們的高流動性，這對於ETF批准至關重要。

Data from Kaiko Indices shows that both tokens boast the deepest 1% market depth among vetted exchanges, a measure of how much an asset’s price moves with large trades.

Kaiko指數的數據表明，這兩種代幣都擁有審查的交易所中最深的1％市場深度，這是對資產價格隨著大型交易的多少衡量。

In terms of 1% market depth, XRP has pulled ahead of SOL since late 2024, and both tokens have more than double the liquidity of Cardano’s ADA.

自2024年底以來，就1％的市場深度而言，XRP已領先於SOL，並且兩個令牌的流動性的兩倍多。

While bitcoin futures ETFs secured approval after Grayscale’s legal victory highlighted the SEC’s inconsistent stance on futures and spot markets, XRP’s case unfolds differently.

儘管Grayscale的法律勝利強調了SEC對期貨和現貨市場的不一致的立場，但比特幣期貨ETF獲得了批准，但XRP的案子的發展方式不同。

It lacks a robust futures market, and the majority of its trading volume occurs offshore.

它缺乏強大的期貨市場，其大部分交易量發生在海外。

However, XRP’s U.S. spot market share has climbed to its highest level since the SEC's 2021 lawsuit led to several crypto exchange delistings. Its share now stands at 34%, up from 14% in mid-2022.

但是，自SEC 2021年的訴訟帶來了幾次加密交易所脫口秀以來，XRP的美國現貨市場份額已攀升至最高水平。現在的份額為34％，高於2022年中期的14％。

Meanwhile, solana’s U.S. market share has slipped to 16% from a peak of 25–30% in 2022.

同時，索拉納（Solana）的美國市場份額從2022年的25–30％的峰值下降到16％。

XRP’s momentum is furthered by the recent launch of a 2x XRP ETF by Teucrium, which tracks European exchange-traded products and swap agreements to deliver twice XRP’s daily total returns.

Teucrium最近推出了2倍XRP ETF，XRP的勢頭進一步促進了XRP的勢頭，該公司追踪了歐洲交易所交易的產品和交換協議，以提供兩次XRP的每日總回報。

The ETF, launched last Thursday, saw an opening day volume of over $5 million, making it the company’s “most successful launch” and putting it in the spotlight.

ETF於上週四推出，開放日的數量超過500萬美元，使其成為該公司的“最成功的發布”，並將其引起了人們的關注。

It also tracks a basket of European ETPs and a total return swap agreement to provide twice the daily performance of the underlying token.

它還跟踪一籃子歐洲ETP和總回報掉期協議，以提供基礎令牌的每日表現的兩倍。

“This underlying market's improving dynamics and the launch of a 2x XRP ETF last week position XRP ahead of other assets when it comes to approval,” Kaiko analysts said.

Kaiko分析師說：“在批准方面，這個基本市場的改善動態和2x XRP ETF的推出在其他資產之前。”

“Although some tokens, such as LTC, which have very similar consensus mechanisms to BTC and share similarities to commodities, could also have a clear path to approval.”

“儘管有些令牌（例如LTC）與BTC具有非常相似的共識機制，並且與商品具有相似之處，但也可能有明確的批准途徑。”

Despite XRP’s strong fundamentals, Deribit’s options market reflects caution, with a bearish skew in the implied volatility smile for April 18 expirations, signaling greater demand for downside protection.

儘管XRP的基本原理很強，但Deribit的選擇市場反映了謹慎，看跌偏斜在4月18日到期的隱含波動性微笑中，這表明對下行保護的需求更大。

The SEC has acknowledged several XRP spot ETF applications, notably Grayscale’s filing, which faces a critical May 22 deadline.

SEC已確認了幾個XRP現場ETF應用程序，特別是Grayscale的文件，該文件面臨5月22日的關鍵截止日期。