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The battle between Solana (SOL) and Ripple’s XRP is heating up again as both tokens gear up for a pivotal Q4, with eyes on the upcoming Spot ETF approvals. While XRP has enjoyed a strong lead over Solana for much of the past year, recent data suggests that the tide could be turning. Solana has quietly built strong momentum through rising interest from corporate treasuries — a factor that may give it the edge over XRP in the coming months.
XRP’s Dominance Since 2024
Over the past year, XRP has significantly outperformed Solana. Since November 2024, XRP surged more than 400%, cementing its place among the top three cryptocurrencies by market capitalization. The token’s rally was fueled by favorable regulatory developments, growing global adoption, and increasing liquidity across exchanges.
For Solana, however, 2024 was more of a recovery phase. After dealing with persistent network outages and the fallout from FTX’s collapse, Solana gradually rebuilt its reputation with upgrades in network stability, high-speed transactions, and adoption by decentralized finance (DeFi) and NFT projects. Despite these improvements, XRP still maintained its dominance in price charts and investor sentiment.
Now though, a new catalyst could shift the balance.
SOL Finds Strength in Corporate Treasuries
Since May 2025, Solana has attracted unprecedented interest from crypto treasury companies — firms that actively hold cryptocurrencies as part of their reserves. In July alone, treasury-driven SOL trading volumes hit $4 billion, while XRP managed just $460 million.
According to Blockworks data, more than 4.3 million SOL (valued at roughly $905 million) has been accumulated by corporate treasuries. Some of the most prominent firms include SOL Strategies, DeFi Development Corp (DFDV), Upexi (UPXI), and Sharps Technologies (STSS).
In fact, Sharps Technologies recently secured $400 million in capital, with an ambitious plan to expand to $1 billion in SOL acquisitions. This level of conviction mirrors the corporate accumulation seen with Ethereum before its major rallies in 2020–21, when firms like BitMine helped drive ETH into the mainstream as a corporate treasury asset.
If this trend continues, Solana could see its value boosted by treasury demand just as Ethereum did — positioning it strongly against XRP in Q4.
XRP Lags Behind in Treasury Demand
Unlike Solana, XRP has failed to attract the same level of attention from corporate treasuries. So far, only SBI Holdings Japan and Worksport Ltd have signaled interest in holding XRP as part of their reserves. While these are credible firms, their collective demand pales in comparison to the millions of SOL already absorbed by Solana-focused treasury players.
This disparity may become more important once Spot ETFs for both XRP and Solana receive regulatory approval. Post-ETF inflows are expected to bring massive institutional liquidity into the crypto market, and if corporate treasuries maintain their Solana preference, SOL could gain an advantage over XRP.
Technicals Hint at Growing SOL Advantage
Market indicators support this narrative. Over the past few weeks, SOL has outperformed XRP by 27%, while also surpassing Ethereum (ETH) and Bitcoin (BTC) in short-term performance.
One key metric to watch is the XRP/SOL ratio, which measures the relative price strength between the two assets. Recent movements suggest that SOL could continue outperforming XRP if the ratio trends lower. Analysts believe this sets the stage for Solana to potentially challenge XRP’s dominance in Q4.
That said, XRP isn’t without support. The token recently recorded the highest CME Futures interest among altcoins, reflecting strong institutional appetite. This signals that while XRP’s treasury adoption is weaker than Solana’s, it still enjoys significant demand from trading desks, hedge funds, and derivatives markets.
ETF Approvals Could Be the Deciding Factor
Both Solana and XRP are anticipating Spot ETF approvals in the coming months. Historically, ETFs have been game-changing for asset adoption, as seen with Bitcoin’s surge after Spot BTC ETFs launched in early 2024.
If approved, ETFs for XRP and Solana would open the floodgates for traditional investors, retirement funds, and institutions to gain exposure to these assets. While both stand to benefit, the treasury-driven demand for SOL could give it an additional lift, just as ETH’s ETF benefited from prior corporate adoption.
The Road Ahead: Who Wins in Q4?
For Solana, the combination of rising treasury demand, robust trading volumes, and bullish technicals paints a strong case for outperformance. If crypto treasuries continue to accumulate SOL at current rates, the altcoin may not just catch up to XRP, but potentially surpass it in Q4 2025.
However, dismissing XRP would be premature. The token’s institutional demand, strong CME Futures interest, and whale-driven liquidity still make it a formidable competitor. If whale accumulation returns and ETF approvals trigger inflows, XRP could maintain its edge.
In short, the battle between Solana and XRP will likely come down to which source of demand proves stronger: corporate treasuries (SOL) or institutional derivatives markets (XRP).
Final Thoughts
The next few months will be decisive for both Solana and XRP. Treasury accumulation has placed Solana in a stronger position than ever, while XRP remains an institutional favorite with a proven track record. If history is any guide, treasury accumulation tends to create sustained upward momentum — meaning Solana could finally step out of XRP’s shadow and shine in Q4.
