XRP is leading the race for altcoin supremacy in the US crypto exchange-traded fund (ETF) market with record performance since last month.
In less than ten trading days, the new crop of US spot XRP ETFs have recorded cumulative inflows of approximately $587 million, compared to approximately $568 million for their Solana counterparts.
This surge upends the industry’s hierarchy, making XRP the premier platform for non-Bitcoin and Ethereum risk taking in a market otherwise defined by outflows and defensive positioning.
Solana vs. XRP ETFs
Solana ETFs set the early pace in the sector.
Since their debut on October 28, the US spot Solana ETFs recorded 20 consecutive days of net inflows, totaling approximately $568 million. This helped bring the fund’s total assets to $840 million, which represents approximately 1% of the token’s market capitalization.
However, XRP has compressed that trajectory into a hyper-accelerated window.
As of November 21, US spot XRP products had already collected $423 million. However, the entry of heavyweights Grayscale and Franklin Templeton on November 24 triggered a massive capital infusion, adding approximately $164 million in net creations in one session.
This brings the cumulative total of the XRP complex to approximately $587 million, eclipsing Solana’s monthly installment in nearly half the time.
On a capital intensity basis, XRP is now absorbing institutional dollars at nearly double the daily rate of its rival.
The race to zero
The speed of the change is caused by a structural ‘race to the bottom’ in terms of costs.
Franklin Templeton has established the most aggressive price benchmark in the crypto ETF sector. The XRPZ fund has a 0.19% sponsorship fee, which is fully waived on the first $5 billion of assets through May 31, 2026.
For institutional allocators and model portfolios, where basis point friction dictates selection, XRPZ essentially becomes a zero-cost carry trade over the next six months.
Grayscale’s GXRP has taken a similar stance and is waiving standard fees for the first three months.
This aggressive subsidization of issuers coincided with a spike in demand. The $164 million increase on November 24 suggests that a significant amount of capital was set aside, specifically waiting for these low-cost, branded packages to go live before deploying.
While Solana ETFs also took advantage of waivers for funds like Bitwise’s BSOL, the sheer size of Franklin’s $5 billion cap appears to have unlocked a greater level of institutional flow immediately after listing.
Momentum versus gravity
However, the most striking difference lies in the relationship between flows and price action.
Solana’s $510 million inflow comes amid a 30% price correction from recent highs. In this context, ETF flows have acted as a dampener, absorbing sell-side pressure from existing holders but failing to reverse the trend.
This essentially makes the SOL ETF’s performance a defensive accumulation story.
XRP flows, on the other hand, are causing a breakout. The token had also experienced a decline of around 17% over the past 30 days, but rose around 10% after the November 24 session.
This helped XRP break above $2, with the token trading as high as $2.27. On-chain analysis from Glassnode identifies this region as a “key psychological zone,” where legacy holders typically sell to break even on losses starting in early 2025.
In previous cycles, this supply wall capped rallies. Today, the ETF bid changes the calculus. With funds absorbing $50 million to $100 million daily, the ETFs create a non-price-sensitive demand well that can absorb existing supply.
Unlike Solana, where flows fight gravity, XRP flows act like a battering ram, turning a historical resistance level into an accumulation floor.
The road to $2 billion?
With four issuers active and the $500 million milestone reached in less than 15 trading days, market watchers are recalibrating their year-end projections.
The current run rate puts XRP on a trajectory that exceeds many analyst expectations for non-Bitcoin assets.
If the current trend continues, which is characterized by daily inflows that normalize after the launch hype between $40 million and $60 million, the complex is on track to cross the $1.5 billion mark by the end of the year.
However, a “bull case” scenario emerges.
If Franklin Templeton’s fee waivers successfully court registered investment advisors (RIAs) and the rotation of underperforming assets continues, the complex could theoretically approach $2 billion in assets under management (AUM) before closing its books in 2025.