XRP Overtakes Ethereum in FDMC, Signals Growth
The Essentials at a Glance
Ripple (XRP) has surpassed Ethereum (ETH) in the metric of “Fully Diluted Market Capitalization” (FDMC). While Ethereum still holds the highest market capitalization among altcoins, XRP is showing increasing strength in long-term valuation. This development could reshape the current ranking of leading cryptocurrencies — especially in light of the next bull run.
XRP Surpasses Ethereum in FDMC
On April 18, 2025, XRP reached an FDMC of USD 208.4 billion, according to crypto analyst Edward Farina. That’s approximately USD 15.9 billion more than Ethereum, which stood at USD 192.5 billion. FDMC represents the value a cryptocurrency would have if all tokens were in circulation.
While XRP still trails Ethereum in traditional market capitalization (i.e., the current circulating value), the FDMC offers a different perspective: it reflects long-term potential. XRP has steadily developed over the past six months and managed to lead in this metric without much media attention.
Why FDMC and Market Capitalization Differ
The difference between FDMC and market capitalization for XRP lies in its token structure. A large portion of XRP tokens is currently locked in so-called escrow accounts and therefore not in circulation. However, these tokens are included in the FDMC calculation.
Ethereum, on the other hand, already has a majority of its tokens in circulation. As a result, its market capitalization is closer to its FDMC. This structural difference explains why XRP leads in FDMC, even though its actual circulating supply is significantly smaller.
What This Means for the Balance of Power Among Altcoins
Ethereum has long been considered the leading altcoin, primarily due to its role in decentralized finance (DeFi) and smart contracts. But XRP is gaining importance — not only due to FDMC, but also thanks to regulatory progress and increasing acceptance in payment systems.
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The trend shows that the altcoin landscape is no longer dominated by Ethereum alone. If XRP continues to strengthen its position and catches up in other key metrics, the question of the “top altcoin” may need to be reconsidered.
Market Trends: XRP Stable, ETH Under Pressure
A look at price trends over the past two months highlights the current dynamics: XRP lost about 18.35% since the end of February, while Ethereum dropped over 41.15% during the same period. This shows that XRP has held up better in a weak overall market.
Since mid-April, XRP has been trading within a narrow range, indicating possible bottom formation. Ethereum, by contrast, continues to struggle with declining prices. This technical stability could make XRP more attractive to investors in the current market phase.
Our Assessment
With XRP overtaking Ethereum in FDMC, a clear signal has been sent. While ETH still leads in real market capitalization and usage, XRP is showing growing strength in long-term potential. The structural differences in token distribution play a key role in this.
For you as an investor, this means: it’s worthwhile to look beyond the traditional metrics and consider alternative valuation models like FDMC. XRP could become a serious alternative to Ethereum — especially if market stability and regulatory clarity continue.
| Symbol | XRP |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $2.20 |
| 24h % | 2.66 % |
| 7d % | 5.97 % |
| 30d % | -10.86 % |
| 60d % | -11.01 % |
| 1y % | 318.15 % |
| Official Links | Website |
| Socials | X |
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