Kraken XRP Futures Trading Volume Nears $3.48 Billion in July, Surpasses Solana

JOON HYOUNG LEE

Summary

Kraken reported that XRP futures trading volume reached about $3.48 billion, surpassing Solana (SOL) futures trading volume.
XRP rose by more than 40% in price this month, providing the backdrop for the increase in trading volume.
A Kraken official explained that market confidence and optimism were reflected, following the resolution of the lawsuit with the SEC.

For the first time ever, the XRP futures trading volume on the U.S. cryptocurrency exchange Kraken has surpassed that of Solana (SOL) futures.

According to CoinDesk on the 30th (local time), the XRP futures trading volume on Kraken this month totaled approximately $3.48 billion. That is $250 million more than Solana's futures trading volume of $3.23 billion. CoinDesk reported, "This is the first time that XRP has surpassed Solana in Kraken's futures trading volume."

The increase in XRP futures trading volume is attributed to a strong price rally that began this month. CoinDesk stated, "The price of XRP has surged by more than 40% just this month, while Solana’s increase during the same period was only 17%." Alexia Theodore, Kraken’s Head of Derivatives, explained, "(The rise in XRP futures trading volume) reflects renewed optimism toward XRP," adding, "With the resolution of the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC), market confidence in XRP has grown."

XRP