Ripple的XRP Dethrone以太坊可以作為下一個公牛週期中的主要山寨幣嗎？

近幾個月來，這兩個巨人都在繪製了分歧的路徑，隨著XRP在完全稀釋的市值（FDMC）中超過ETH時，人們的猜測正在加劇。

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?

加密市場對權力轉移並不陌生，但是現在在整個生態系統中迴盪的問題比以往任何時候都更加敏銳：在下一個公牛週期中，Ripple的XRP Dethrone Ethrone Ethereum是否可以作為主要的Altcoin？

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.

近幾個月來，這兩個巨人都在繪製了分歧的路徑，隨著XRP在完全稀釋的市值（FDMC）中超過ETH，猜測正在加劇，這暗示了有助於重塑Altcoin景觀的釀造競爭。

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.

以下數據所說的是，價格趨勢是如何發展的，以及以太坊的首位是否真正受到圍困 - 或者XRP是否只是享受暫時的看漲陣風。

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

XRP在完全稀釋的市值中越過ETH，但這意味著什麼？

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.

根據Ambcrypto的數據，截至2025年4月18日，XRP的FDMC達到了2084億美元，提前了以太坊的1925億美元。雖然這似乎是山寨幣力量的地震轉變，但近距離的外觀揭示了頭條新聞的細微差別。

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.

FDMC是通過將令牌價格乘以其總供應量來計算的。就XRP而言，這包括仍在託管中持有的數十億個令牌，相對於其循環市值膨脹了其FDMC。另一方面，以太坊的大部分供應已經流通。

“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.”

加密戰略家埃莉諾·沃斯（Eleanor Voss）說：“這個里程碑是像徵性的，但確實反映了轉移的情緒。” “鑑於宏觀敘事和監管清晰度，投資者正在重新校準風險。”

Ethereum Still Commands the Smart Contract Frontier

以太坊仍然指揮智能合同邊界

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.

儘管XRP令人印象深刻的集會，但以太坊仍堅定地控制了分散融資（DEFI），NFTS和智能合同部署的基礎設施。它擁有超過70％的DEFI TVL（總價值鎖定），並且通過以太坊2.0升級過渡到驗證模型的過渡大大降低了能耗和增強的長期生存能力。

“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.”

Dappforce Labs的開發商Andre Mackie說：“以太坊仍然是分散應用的骨幹。” “ XRP正在進攻，但它並沒有取代以太坊的核心用例，至少還沒有取代。”

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.

開發人員的活動強調了實用程序的差距。以太坊繼續吸引大獅區塊鏈開發人員的份額，並且仍然是啟動仲裁，樂觀和基礎等第2層協議的最愛。

XRP Gains Momentum From Legal Wins and Cross-Border Payments

XRP從法律勝利和跨境支付中獲得動力

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.

在以太坊規則DEFI的地方，XRP在機構金融和跨境支付中佔據了主導地位。 Ripple Labs在2023年對SEC的部分勝利使XRP在美國具有監管清晰度的優勢，而以太坊仍然位於合法的灰色區域，尤其是在SEC擴大的對續訂服務的審查下。

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.

Ripple的技術已被多家銀行和金融網絡採用，尤其是在亞洲和中東，增強了XRP作為公用事業優先資產的聲譽。中央銀行的最新試點計劃進一步加強了其合法性，作為鏈接定居點的工具。

What the Recent Price Trend Shows

最近的價格趨勢顯示了什麼

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.

從2月下旬到2025年4月中旬，XRP下降了18.35％，而以太坊在同一時期的急劇下降幅度為41.15％。

As of April 18, 2025

截至2025年4月18日

* XRP price: $0.82

* XRP價格：$ 0.82

* ETH price: $1,508

* ETH價格：$ 1,508

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

這種韌性導致分析師之間的猜測，他們開始賭注對投資者行為的潛在變化。

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.

根據CoinMarketCap的數據，XRP目前的交易價格為0.82美元，自2月下旬以來的下滑量為18.35％。相比之下，ETH的經濟低迷，從2月起的41.15％，到4月中旬至1,508美元。

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.

表明這種差異可能與以太坊增加的汽油費和對L2可伸縮性競爭的反應緩慢相關，而XRP由於監管確定性和現實世界的整合而獲得了機構流。

Can Ethereum Really Be Fflipped?

以太坊真的可以被fflfly嗎？

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.

XRP的概念長期超過以太坊的概念不再被駁回。隨著加密貨幣景觀轉向公用事業驅動的敘述和法規依從性，XRP在付款中的真實用例和Ripple的深層機構聯繫將其視為強大的競爭者。

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.

儘管如此，以太坊的力量仍然在於其分散的網絡效應，挑戰主導地位和持續的創新。即將進行的EIP-7600升級預計將進一步優化汽油效率並吸引新用戶。以太坊的路線圖還包括與企業區塊鏈解決方案的全球科技公司的潛在合作夥伴關係。

“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

區塊鏈研究員Tara Nguyen說：“ ETH和XRP之間的瞬息萬變將是革命性的，但這並不是迫在眉睫。” “這取決於以太坊適應能力和XRP的能力