XRP vs ETH: Ethereum’s Altcoin Crown Hangs in the Balance as Bull Run Looms

The crypto arena braces for a heavyweight rematch—XRP’s regulatory clarity and payment rails challenge Ethereum’s smart contract dominance. Can ETH’s scaling solutions hold off Ripple’s institutional momentum, or will this bull cycle finally flip the script? (Spoiler: Whichever wins, the exchanges will pocket your fees either way.)

XRP flips ETH in FDMC — What we know

According to crypto analyst Edward Farina, XRP surpassed Ethereum in FDMC on the 18th of April, reaching a total of $208.4 billion — roughly $15.9 billion more than ETH’s $192.5 billion.

FDMC measures the projected value of a cryptocurrency if all its tokens were in circulation.

Source: X

XRP’s climb to the top of this metric comes after six months of consistent outperformance.

Despite little fanfare, the move positions XRP as a serious contender in valuation rankings, particularly as market watchers consider long-term potential rather than just current circulating supply.

Why the numbers differ

XRP’s FDMC may exceed Ethereum’s, but its circulating market capitalization remains much lower. This gap is primarily due to XRP’s token structure.

A large portion of XRP tokens is locked in escrow and not yet part of the circulating supply, though they are factored into FDMC.

In contrast, Ethereum’s supply is largely circulating. This structural difference explains the divergence between FDMC and market cap.

In essence, XRP’s potential market value looks stronger on paper, but the actual investor-accessible value remains far behind ETH for now.

What does this mean for altcoin hierarchy?

XRP overtaking ETH in FDMC could mark an important shift in how the market views long-term altcoin value.

While Ethereum still reigns in usage, DeFi dominance, and market cap, XRP’s silent strength in projected valuation indicates growing investor confidence — especially amid legal clarity and payment adoption narratives.

It also suggests that the altcoin race is no longer a two-horse contest. As XRP narrows the gap in other metrics, questions around altcoin leadership may resurface.

If this momentum continues, Ethereum’s status as the top altcoin may face its most credible challenge in years.

XRP holds firm, ETH slumps

The chart tells a compelling story.

Over the past two months, XRP has outpaced ETH significantly in price performance. While XRP is down around 18.35% since late February, ETH has plummeted over 41.15% in the same timeframe.

The stark divergence shows XRP’s relative strength amid broader market weakness.

Source: TradingView

Notably, XRP has maintained a tight consolidation range since mid-April; a possible base formation. Meanwhile, ETH continues to struggle with downward pressure.

If this momentum persists, XRP’s technical resilience — paired with its FDMC milestone — may position it as the more attractive altcoin in the current market phase.