In fact, Solana (SOL) and XRP (Ripple) are in a tight race and eyeing approval for own spot exchange-traded funds. With the success of Bitcoin and Ethereum ETFs recently, investors are waiting to see which one will be the first to gain approval from the SEC.
As of now, Solana seems to be at an advantage; however, partial legal clarity regarding XRP could prove to be the shot in the arm that this needs. It is an extremely close contest, and anything can happen as of now.
The Track of Solana to ETF Approval
Memecoin The blockchain is fast and reliable because of which there has just gained Solana has emerged as an outcome of recent memecoin trading activity that is taking places. In Feb 2025, Grayscale filed with SEC an application which was asking reclassification of Trust as Solana ETF, through which a choice will be released by SEC after October But the SEC had already declared it a security, so legal issues may have added more time to Solana’s delay. According to traders at Polymarket, its acceptance rate for an ETF is still expected to be 85% in 2025.
The Legal Clarity and Challenges of XRP
However, a 2023 court ruling held that XRP is not a security per se, although some of Ripple Labs’ sales are considered securities transactions. While XRP is in a privileged position due to this legal clarity, Ripple’s involvement does raise centralization concerns that may delay SEC approval. While positive, Polymarket’s estimate of XRP’s possibilities is 80% lower than Solana’s.
Who will win?
It is currently leading, but barely, with its network strength and recent regulatory recognition on its side, whereas XRP is staying in the running due to its legal clarity and market presence. Both have obstacles ahead of them, so it’s a neck-and-neck situation, and how the SEC moves forward is probably going to be the winner of the battle over the next couple of months.
