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.

正如美国证券交易委员会（SEC）准备在现货交易所交易基金（ETF）统治时，数字资产市场数据提供商Kaiko的分析师将XRP和SOLANA（SOL）视为批准的主要候选人。

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

根据Kaiko的周一报告，这是由于它们的高流动性，这对于ETF批准至关重要。

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指数的数据表明，这两种代币都拥有审查的交易所中最深的1％市场深度，这是对资产价格随着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年底以来，就1％的市场深度而言，XRP已领先于SOL，并且两个令牌的流动性的两倍多。

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.

尽管Grayscale的法律胜利强调了SEC对期货和现货市场的不一致的立场，但比特币期货ETF获得了批准，但XRP的案子的发展方式不同。

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

它缺乏强大的期货市场，其大部分交易量发生在海外。

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年的诉讼带来了几次加密交易所脱口秀以来，XRP的美国现货市场份额已攀升至最高水平。现在的份额为34％，高于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.

同时，索拉纳（Solana）的美国市场份额从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的势头进一步促进了XRP的势头，该公司追踪了欧洲交易所交易的产品和交换协议，以提供两次XRP的每日总回报。

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于上周四推出，开放日的数量超过500万美元，使其成为该公司的“最成功的发布”，并将其引起了人们的关注。

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

它还跟踪一篮子欧洲ETP和总回报掉期协议，以提供基础令牌的每日表现的两倍。

“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分析师说：“在批准方面，这个基本市场的改善动态和2x XRP ETF的推出在其他资产之前。”

“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.”

“尽管有些令牌（例如LTC）与BTC具有非常相似的共识机制，并且与商品具有相似之处，但也可能有明确的批准途径。”

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.

尽管XRP的基本原理很强，但Deribit的选择市场反映了谨慎，看跌偏斜在4月18日到期的隐含波动性微笑中，这表明对下行保护的需求更大。

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

SEC已确认了几个XRP现场ETF应用程序，特别是Grayscale的文件，该文件面临5月22日的关键截止日期。