Ripple的XRP Dethrone以太坊可以作为下一个公牛周期中的主要山寨币吗？

近几个月来，这两个巨人都在绘制了分歧的路径，随着XRP在完全稀释的市值（FDMC）中超过ETH时，人们的猜测正在加剧。

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?

加密市场对权力转移并不陌生，但是现在在整个生态系统中回荡的问题比以往任何时候都更加敏锐：在下一个公牛周期中，Ripple的XRP Dethrone Ethrone Ethereum是否可以作为主要的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.

近几个月来，这两个巨人都在绘制了分歧的路径，随着XRP在完全稀释的市值（FDMC）中超过ETH，猜测正在加剧，这暗示了有助于重塑Altcoin景观的酿造竞争。

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.

以下数据所说的是，价格趋势是如何发展的，以及以太坊的首位是否真正受到围困 - 或者XRP是否只是享受暂时的看涨阵风。

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

XRP在完全稀释的市值中越过ETH，但这意味着什么？

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.

根据Ambcrypto的数据，截至2025年4月18日，XRP的FDMC达到了2084亿美元，提前了以太坊的1925亿美元。虽然这似乎是山寨币力量的地震转变，但近距离的外观揭示了头条新闻的细微差别。

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是通过将令牌价格乘以其总供应量来计算的。就XRP而言，这包括仍在托管中持有的数十亿个令牌，相对于其循环市值膨胀了其FDMC。另一方面，以太坊的大部分供应已经流通。

“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.”

加密战略家埃莉诺·沃斯（Eleanor Voss）说：“这个里程碑是象征性的，但确实反映了转移的情绪。” “鉴于宏观叙事和监管清晰度，投资者正在重新校准风险。”

Ethereum Still Commands the Smart Contract Frontier

以太坊仍然指挥智能合同边界

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.

尽管XRP令人印象深刻的集会，但以太坊仍坚定地控制了分散融资（DEFI），NFTS和智能合同部署的基础设施。它拥有超过70％的DEFI TVL（总价值锁定），并且通过以太坊2.0升级过渡到验证模型的过渡大大降低了能耗和增强的长期生存能力。

“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的开发商Andre Mackie说：“以太坊仍然是分散应用的骨干。” “ XRP正在进攻，但它并没有取代以太坊的核心用例，至少还没有取代。”

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.

开发人员的活动强调了实用程序的差距。以太坊继续吸引大狮区块链开发人员的份额，并且仍然是启动仲裁，乐观和基础等第2层协议的最爱。

XRP Gains Momentum From Legal Wins and Cross-Border Payments

XRP从法律胜利和跨境支付中获得动力

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.

在以太坊规则DEFI的地方，XRP在机构金融和跨境支付中占据了主导地位。 Ripple Labs在2023年对SEC的部分胜利使XRP在美国具有监管清晰度的优势，而以太坊仍然位于合法的灰色区域，尤其是在SEC扩大的对续订服务的审查下。

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的技术已被多家银行和金融网络采用，尤其是在亚洲和中东，增强了XRP作为公用事业优先资产的声誉。中央银行的最新试点计划进一步加强了其合法性，作为链接定居点的工具。

What the Recent Price Trend Shows

最近的价格趋势显示了什么

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.

从2月下旬到2025年4月中旬，XRP下降了18.35％，而以太坊在同一时期的急剧下降幅度为41.15％。

As of April 18, 2025

截至2025年4月18日

* XRP price: $0.82

* XRP价格：$ 0.82

* ETH price: $1,508

* ETH价格：$ 1,508

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

这种韧性导致分析师之间的猜测，他们开始赌注对投资者行为的潜在变化。

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.

根据CoinMarketCap的数据，XRP目前的交易价格为0.82美元，自2月下旬以来的下滑量为18.35％。相比之下，ETH的经济低迷，从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.

表明这种差异可能与以太坊增加的汽油费和对L2可伸缩性竞争的反应缓慢相关，而XRP由于监管确定性和现实世界的整合而获得了机构流。

Can Ethereum Really Be Fflipped?

以太坊真的可以被fflfly吗？

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的概念长期超过以太坊的概念不再被驳回。随着加密货币景观转向公用事业驱动的叙述和法规依从性，XRP在付款中的真实用例和Ripple的深层机构联系将其视为强大的竞争者。

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.

尽管如此，以太坊的力量仍然在于其分散的网络效应，挑战主导地位和持续的创新。即将进行的EIP-7600升级预计将进一步优化汽油效率并吸引新用户。以太坊的路线图还包括与企业区块链解决方案的全球科技公司的潜在合作伙伴关系。

“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

区块链研究员Tara Nguyen说：“ ETH和XRP之间的瞬息万变将是革命性的，但这并不是迫在眉睫。” “这取决于以太坊适应能力和XRP的能力