Solana and XRP Battle for the Next Major Spot in the Crypto Market Shake-Up

Growing interest in digital assets is prompting investors to reassess which tokens deserve long-term attention. Recent shifts in sentiment around Solana, XRP, and other major networks reflect a market still trying to determine its next set of leaders.

Solana Pulls Ahead in the Race for Crypto’s Next Spot

Investors generally continue to view Bitcoin as the core holding, with Ethereum following closely behind. According to Coinbase Asset Management president Anthony Bassili, most market participants agree on these two anchors, but confidence drops once the discussion turns to which asset should come next.

There’s a very, very clear view in the investor community in terms of the right first portfolio is Bitcoin. The market is very unsure as to what’s the next asset they want to own after that.

Anthony Bassili

Bassili said Solana is “maybe” the third asset on investors’ radar, supported by consistent inflows into SOL-linked funds. On November 5, SOL products attracted another $9.7 million, extending a seven-day streak and bringing total net additions since launch to $294 million. 

Interest in alternative Layer-1 networks is increasing, even as Bitcoin and Ethereum products experience steady outflows.

Bassili Sees Solana Firm in Third Place While XRP Struggles to Close the Gap

Bassili mentioned that after Solana, a “very wide gap” separates it from the next group of contenders, with XRP sitting just beyond that line. Investor hesitation, he noted, stems from uncertainty about long-term network activity and how each protocol might operate within broader liquidity systems.

Amid these shifts, several factors appear to be shaping investor choices:

• Confidence remains highest in assets with established historical demand.
• Interest in the third spot is leaning toward Solana due to recent inflows.
• XRP is gaining momentum but still shows limited network activity.
• ETF volumes indicate steady participation despite short-term redemptions.
• The market is waiting for clearer evidence of real product-market fit from newer networks.

ETF activity suggests that institutional interest remains intact. Total trading volume recently reached $4.07 billion, indicating sustained engagement even with redemptions across several crypto categories. Long-term net inflows remain solid, and participation continues to widen compared with previous years.

XRP Pushes for “Fourth Spot” as New ETF Sets 2025’s Strongest Debut

Bassili said the “fourth position” is still open and will likely go to the network or application that can demonstrate clear and repeatable use cases. XRP is working toward that goal. Canary Capital’s XRP ETF closed its first day with $58 million in trading volume, marking the strongest ETF launch of 2025 across both crypto and traditional products.

Ripple has also been active on the corporate side, adding a custodian, a stablecoin orchestration layer, and a broker-dealer to its structure. Bassili described these steps as constructive, though he noted that markets can shift quickly once investors pay closer attention to cash flows rather than narratives.

He added that asset prices can change quickly once valuations meet real economic conditions, adding another layer of uncertainty to the search for crypto’s next major contender.