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The quantity of XRP holders has practically doubled between October 2024 and May 2025, increasing from 1.29% to 2.42%, while Solana (SOL) skilled the reverse, falling 35% from 2.72% to 1.76%.
According to Bybit’s “H1 2025 asset allocation report,” the rebalancing stems from a shift in sentiment as both retail and institutional buyers have begun to favor XRP over Solana.
XRP has gained momentum in current months as its years-long authorized battle with the SEC comes to a shut, setting the stage for a potential spot exchange-traded fund tied to Ripple’s token.
The sentiment shift has propelled XRP to the third-largest cryptocurrency by market cap after Bitcoin (BTC) and Ethereum (ETH). It overtook Solana in November 2024.
In January, XRP allocations registered the largest proportion of the interval, representing 5% of the whole. In the same month, the token touched $3.31, its highest worth since the all-time excessive registered on January 7, 2018.
ETF expectations drove the pivot
The report linked the allocation swing to exchange-traded fund (ETF) expectations, noting that Polymarket merchants assign a 90% chance of approval by year-end 2025.
It added that the redirection of SOL publicity to XRP was not a transfer made only by retail buyers, as establishments also made the same choice during the first half of the yr.
The examine coated energetic merchants between October 2024 and May 2025. Active merchants have been these who executed at least 20 transactions per month.
Additionally, the report categorized contributors into institutional, VIP, and normal retail tiers to observe pockets conduct across market segments.
Bitcoin and Ethereum still reign
Stablecoin allocations also declined in May, as customers allotted recent capital to Bitcoin and Ethereum. Yet, XRP maintained its expanded share.
The report highlighted that Bitcoin managed practically 31% of belongings, while BTC and ETH mixed reached 58.8% of non-stablecoin holdings during the same month.
XRP’s development, coupled with Solana’s retreat, caps a interval in which altcoins general ceded floor to Bitcoin. Altcoin share peaked at 35.22% in November 2024 before easing to 23.46% in May 2025, the same month that Bitcoin registered its newest all-time excessive.
Lastly, merchants pulled stablecoin balances off the sidelines and redeployed them into BTC and ETH in May.
Institutional accounts minimize their stablecoin share by 14% from April, steering roughly 6% each to Bitcoin and Ether and one level to Solana, with smaller flows rounding out the the rest.
This motion reversed the defensive build-up that adopted earlier market dips.
The publish Number of XRP holders almost doubled within six months, overtaking Solana appeared first on CryptoSlate.
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