Could Ripple's XRP dethrone Ethereum as the dominant altcoin in the next bull cycle?

With both giants charting diverging paths in recent months, speculation is mounting as XRP overtakes ETH in fully diluted market capitalization (FDMC)

The crypto market is no stranger to power shifts — but the question now echoing across the ecosystem is sharper than ever: Could Ripple’s XRP dethrone Ethereum as the dominant altcoin in the next bull cycle?

With both giants charting diverging paths in recent months, speculation is mounting as XRP overtakes ETH in fully diluted market capitalization (FDMC), hinting at a brewing rivalry poised to reshape the altcoin landscape.

Below is what the data says, how price trends are unfolding, and whether Ethereum’s top spot is truly under siege — or if XRP is simply enjoying a temporary gust of bullish tailwinds.

XRP Edges Past ETH in Fully Diluted Market Cap — But What Does It Mean?

As of April 18, 2025, XRP’s FDMC reached $208.4 billion, pulling ahead of Ethereum’s $192.5 billion, according to data from AMBCrypto. While this might seem like a seismic shift in altcoin power, a closer look reveals nuance beneath the headlines.

FDMC is calculated by multiplying a token’s price by its total supply. In XRP’s case, this includes billions of tokens still held in escrow, inflating its FDMC relative to its circulating market cap. Ethereum, on the other hand, has most of its supply already in circulation.

“This milestone is symbolic, but it does reflect shifting sentiment,” said crypto strategist Eleanor Voss. “Investors are recalibrating risk in light of macro narratives and regulatory clarity.”

Ethereum Still Commands the Smart Contract Frontier

Despite XRP’s impressive rally, Ethereum retains a firm grip on the infrastructure of decentralized finance (DeFi), NFTs, and smart contract deployment. It hosts over 70% of DeFi TVL (Total Value Locked), and its transition to a proof-of-stake model via the Ethereum 2.0 upgrade has significantly reduced energy consumption and bolstered long-term viability.

“Ethereum remains the backbone of decentralized applications,” stated Andre Mackie, a developer at DappForce Labs. “XRP is making inroads, but it’s not replacing Ethereum’s core use cases — at least not yet.”

The gap in utility is underscored by developer activity. Ethereum continues to attract the lion’s share of blockchain developers and remains a favorite for launching Layer-2 protocols like Arbitrum, Optimism, and Base.

XRP Gains Momentum From Legal Wins and Cross-Border Payments

Where Ethereum rules DeFi, XRP has carved a dominant niche in institutional finance and cross-border payments. Ripple Labs’ partial victory against the SEC in 2023 gave XRP a regulatory clarity edge in the U.S., while Ethereum still sits in a legal gray zone, especially under the SEC’s expanded scrutiny of staking services.

Ripple’s technology has been adopted by multiple banks and financial networks, particularly in Asia and the Middle East, bolstering XRP’s reputation as a utility-first asset. Recent pilot programs with central banks have further strengthened its legitimacy as a tool for on-chain settlement.

What the Recent Price Trend Shows

From late February to mid-April 2025, XRP saw a decline of 18.35%, while Ethereum experienced a sharper drawdown of 41.15% in the same period.

As of April 18, 2025

* XRP price: $0.82

* ETH price: $1,508

This resilience has led to speculation among analysts, who are beginning to wager on a potential change in investor behavior.

According to data from CoinMarketCap, XRP is currently trading at $0.82, having slid 18.35% since late February. In contrast, ETH has seen a sharper downturn, sliding 41.15% from February to reach $1,508 by mid-April.

suggest this divergence may be tied to Ethereum’s increased gas fees and sluggish response to L2 scalability competition, while XRP is gaining institutional flows thanks to regulatory certainty and real-world integration.

Can Ethereum Really Be Fflipped?

The notion of XRP overtaking Ethereum long-term is no longer dismissed out of hand. As the crypto landscape shifts toward utility-driven narratives and regulatory compliance, XRP’s real-world use case in payments and Ripple’s deep institutional ties position it as a formidable contender.

Still, Ethereum’s strength lies in its decentralized network effects, DeFi dominance, and ongoing innovation. The upcoming EIP-7600 upgrade is expected to further optimize gas efficiency and attract new users. Ethereum’s roadmap also includes potential partnerships with global tech firms for enterprise blockchain solutions.

“A flippening between ETH and XRP would be revolutionary — but it’s not imminent,” said blockchain researcher Tara Nguyen. “It depends on Ethereum’s ability to adapt and XRP’s capacity to