Ripple's XRP [XRP] Overtakes Ethereum [ETH] in Fully Diluted Market Capitalization (FDMC)

While Ethereum's momentum has faltered in the current bull cycle, XRP has maintained steady growth over the past six months

In a surprising turn of events, Ripple’s XRP has officially surpassed Ethereum in fully diluted market capitalization (FDMC).

While Ethereum’s momentum has faltered in the current bull cycle, XRP has maintained steady growth over the past six months, quietly closing the gap and overtaking ETH in this key indicator.

Although Ethereum still holds a commanding lead in circulating market cap, XRP’s FDMC edge could signal a longer-term challenge to ETH’s dominance among altcoins.

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 are 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 technical pattern persists, it may favor XRP for a potential rebound.

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