ETF Race Heats Up: XRP’s SEC clarity fuels ETF hopes, while Solana lags in the U.S. despite earlier ETF approvals in Canada.
2025 has turned out to be a strong year for XRP, which has already surged by 5.04%, outperforming several top altcoins, including Solana, which has declined by over 20.4% so far this year.
This surprising turn of events even prompted Helius CEO Mert Mumtaz, a well-known supporter of Solana, to post just two words: “It’s Over.” The unexpected remark sent waves across the crypto community, sparking debate over whether Solana’s momentum is truly fading.
XRP started the year on a high, posting a 46% gain in January. While February and March saw dips of 29.3% and 2.52% respectively, the asset bounced back with a 4.98% rise in April. May recorded a minor loss of 0.80%, but June has seen a slight gain of 0.57%, pushing the price to $2.19.
Solana, on the other hand, kicked off January with a 22.3% gain. However, it faced back-to-back losses in February and March, falling by 36% and 15.7%. A rebound of 18.6% followed in April, with May adding another 6.11%. But June has been less favorable, with SOL dropping 3.73% to $150.72.
Despite Solana’s decent recovery in April and May, XRP has clearly outpaced it in terms of year-to-date growth. That’s what led to Mumtaz’s remark — although many believe it was meant in jest, given his history of trolling.
Until December, Solana was holding the position of the fourth-largest cryptocurrency by market cap. However, XRP overtook it, pushing Solana down the ranks. As of now, XRP is the third-largest crypto with a market cap of $128.6 billion, while Solana has fallen to sixth with $80.4 billion. It now sits below BNB, which holds a $95.5 billion valuation.
Over the past year, XRP has posted an explosive growth of 360.5%, outperforming not just Solana but even Bitcoin and Ethereum. In contrast, Solana has managed just 6.8% growth during the same period.
XRP, primarily used for Ripple’s cross-border payment solutions, continues to expand its presence in institutional finance. Solana is widely known for its fast, cost-effective network, catering to both retail and institutional use cases.
However, Mert Mumtaz recently suggested that Solana lacks the tech advantage to compete with XRP — a bold statement given his loyalty to the Solana ecosystem.
The ETF race could prove to be a game-changer for both cryptocurrencies. With Ripple recently ending its cross-appeal in the SEC lawsuit, regulatory clarity has improved. As a result, several XRP spot ETF applications are now under SEC review, and analysts expect a possible approval by Q2 or Q4 2025, potentially in October.
Meanwhile, multiple Solana ETF applications are also in progress, including proposals that involve staking. Although none have received approval in the US yet, the SEC has acknowledged several filings. Notably, Canada has already approved Solana ETFs, giving the token a head start in North America.
Interestingly, some analysts like Jason Yanowitz believe that a Solana spot ETF could go live even before XRP’s — despite XRP’s stronger regulatory momentum.
While XRP’s performance has outshined Solana’s in 2025, it’s too early to declare the end for SOL. Both assets have different strengths and are chasing ETF approvals that could reshape their future.
For now, XRP clearly holds the upper hand — but in crypto, the race is never truly over.
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