- Bybit data shows a 2x rise in XRP holders and a 35% drop in Solana holders from Oct 2024 to May 2025.
- XRP’s price reached a peak of US$3.31 (AU$5.08) in Jan, driven by strong ETF-related sentiment.
- XRP allocations spiked to 5% in Jan before settling at 2.42% in May, amid institutional rotation from SOL.
XRP has become a standout in the altcoin market as shifting investor sentiment drives a major portfolio reshuffle.
Between October 2024 and May 2025, XRP’s holder base nearly doubled from 1.29% to 2.42%, according to Bybit’s H1 2025 asset allocation report. In the same period, Solana’s share of holders dropped 35%, from 2.72% to 1.76%. The shift reflects changing investor sentiment in favour of XRP, spurred by optimism around legal and regulatory developments.
The movement in allocations is attributed to a growing confidence in XRP as its legal dispute with the Securities and Exchange Commission nears resolution. The report also cites optimism over the potential approval of a spot exchange-traded fund (ETF) tied to the token.
XRP overtook Solana to become the third-largest cryptocurrency by market capitalisation in November 2024. In January 2025, XRP briefly reached a high of US$3.31 (AU$5.08), its strongest performance since its all-time peak in 2018.
While XRP’s longer-term trajectory showed growth with a doubling of holders between October 2024 and May 2025, there was also volatility. Its allocation share peaked at 5% in January 2025 but fell to 2.42% by May 2025.
Related: Crypto ETFs Set New Record at $62.9 Billion After Four Weeks of Straight Inflows
Investor Confidence Grows Ahead of ETF Decisions
Bybit’s report also noted a rotation of capital from Solana to XRP among institutional players, in anticipation of an XRP ETF being approved before one for Solana. XRP’s increasing whale activity, with over 2,700 large wallets recorded in June 2025, added further evidence of investor confidence.
Broader market optimism about altcoin ETFs may be fuelling some of XRP’s rise, with analysts predicting approval of several altcoin ETFs – including XRP’s – by late 2025. Despite the fluctuations, XRP has maintained its position as a rare case of sustained retail and institutional interest during the first half of 2025.
Related: XAO DAO Ushers in a New Era of Decentralised Governance on the XRP Ledger
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