Realized Cap : XRP Overtakes Solana

While attention focuses on upcoming regulations and ETFs in the making, a less-publicized technical indicator reshuffles the deck. XRP records a fourfold increase in its realized capitalization compared to Solana. This capital shift suggests a deeper and unexpected market dynamic, running counter to the visible enthusiasm for Solana. Behind this metric, a change in investor perception seems to be emerging, restoring XRP to a central role in the altcoin arena.

The indicator reshaping the map : XRP leads Solana

While ETFs could propel XRP and Solana prices to new highs, Ripple’s crypto records a remarkable increase in its realized capitalization, reaching +4.2 % over the past 30 days, compared to only +1 % for Solana (SOL), according to on-chain analyst Glassnode.

$XRP is pulling ahead again. Its 30D % change in Realized Cap just hit +4.2%, outpacing $SOL modest +1%. Capital is rotating faster into #XRP, hinting at stronger short-term conviction: https://t.co/cOSVts1PMm pic.twitter.com/W0eub7oGTe

— glassnode (@glassnode) June 13, 2025

This clear differential reflects an accelerated capital rotation towards XRP. According to Glassnode, this outperformance might suggest that funds are deploying more quickly into XRP, signaling a short-term renewed conviction from investors and traders.

This capital flow, very real, contrasts with the more moderate pace observed for Solana, which is nonetheless at the center of much attention, especially in connection with discussions around an ETF.

To fully grasp the importance of this evolution, it is worth recalling what realized capitalization measures, an indicator often considered more relevant than traditional market capitalization to estimate the wealth committed to an asset. Here is what to remember :

• Realized capitalization is the aggregated value of tokens according to their last transaction price. It reflects not just simple speculation but effectively “activated” wealth ;
• XRP : +4.2 % increase in 30 days, indicating a significant inflow dynamic ;
• Solana : only +1 %, suggesting a consolidation phase or a pause in buyer momentum ;
• The direct interpretation : some investors seem to be repositioning towards XRP, seeking yield or short-term stability.

In a market where capital movements are often rapid and driven by subtle signals, this change in such a specific technical indicator might be the beginning of a redeployment. It remains to be seen whether this is a tactical phenomenon or a harbinger of a true trend change.

An increasing institutional appeal and a legal clearing for XRP

If we seek to understand the underlying reasons for this bullish dynamic, we must look at the recent behavior of several large companies. More than $470 million in XRP have been reserved for treasury strategies by three major groups : Webus International ($300M), VivoPower ($121M), and Wellgistics ($50M).

These investments fit into an emerging trend where some players see XRP as an operational store of value. Additionally, Trident, a Nasdaq-listed company based in Singapore, plans to raise another $500 million with a similar focus.

These moves are not isolated. They take place in a calmer legal environment for Ripple, the asset issuer. Moreover, the SEC and Ripple have filed a joint motion to dissolve an injunction and cancel a $125 million civil penalty.

This approach suggests a shared desire for normalization and could help improve the regulatory perception of XRP, which until now was considered a risk factor. Unlike Solana, which mainly capitalizes on its developer base and ETF prospects, XRP is gradually establishing itself as a treasury asset suitable for institutional criteria, straddling the crypto world and traditional finance standards.

By combining rising metrics, corporate adoption, and legal clarification, XRP seems to be undergoing a strategic transformation. From a speculative asset, it evolves toward an operational reserve asset role for some international organizations. If this trend confirms, it could mark a lasting turning point in its positioning, far beyond a simple short-lived surge.