CoinDesk reports:
Foreign media analysis suggests that the market capitalization gap between Solana and XRP is no longer just about price, but also depends on on-chain usage, protocol revenue, and whether institutional funding can continue to expand. According to the data in the article, XRP’s current market cap is approximately $69.12 billion, while Solana’s is around $47.42 billion, with XRP still leading.
Solana chain data is clearly leading.
Looking at daily active addresses, Token Terminal data shows that Solana currently has approximately 3.3 million daily active addresses, making it one of the most-used Layer 1 networks with a market share of nearly 23%. In comparison, the XRP Ledger has daily active addresses ranging from about 15,000 to 16,000, and even during peak activity periods, it only rises to between 23,000 and 39,500—still significantly smaller in scale.
Transaction and revenue data also show a similar gap. The report notes that the XRP Ledger processes approximately 1.7 million transactions daily, generating about $1,900 in daily fee revenue. Since early 2026, Solana has accumulated approximately $36.7 million in protocol revenue, ranking second among public blockchains after Ethereum and Tron; during the same period, XRP Ledger generated approximately $766,900.
The DeFi lock-up gap remains significant.
In the decentralized finance space, Solana continues to maintain a significant advantage. According to DefiLlama data, Solana’s current total value locked in DeFi exceeds $5 billion, while the XRP Ledger stands at approximately $38.6 million.
Although Solana’s TVL has declined from its intra-year high of nearly $9 billion, its overall scale remains significantly higher than that of the XRP ecosystem. This indicates that, when considering on-chain activity, capital accumulation, and protocol revenue generation, Solana’s ecosystem is expanding at a faster pace.
XRP still holds an advantage in institutional adoption.
However, XRP is not without support. The article argues that Ripple’s partnerships with institutions and its regulatory positioning remain key strengths for XRP. It notes that Ripple holds nearly 75 regulatory licenses globally and collaborates with institutions such as SBI Holdings, Santander, PNC Bank, CIBC, and Aviva Investors, serving use cases in cross-border payments and tokenization.
ETF fund flows also serve as a key support for XRP currently. The article states that cumulative net inflows into spot XRP ETFs amount to approximately $1.49 billion, surpassing Solana ETFs’ $1.14 billion. This indicates that, at the institutional product level, XRP continues to maintain stronger capital attraction.
How much does Solana need to rise?
According to the calculations in the article, if XRP’s price remains stable around $1.10, Solana would need to rise to approximately $119—about a 46% increase from its current price of $81—to have a chance of matching or surpassing XRP in market capitalization.
However, the article also notes that a price rebound alone may not be sufficient. For Solana to truly surpass Bitcoin in market capitalization, it must continue expanding network growth, maintaining user activity, and attracting more institutional demand to its ecosystem.
Source: Original Article
