Ripple的XRP [XRP]在完全稀释的市值（FDMC）中超过以太坊[ETH]

尽管以太坊的势头在当前的牛周期中都步履蹒跚，但XRP在过去六个月中一直保持稳定的增长

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

令人惊讶的是，Ripple的XRP正式超过了完全稀释的市值（FDMC）的以太坊。

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.

尽管以太坊的势头在当前的牛周期中都步履蹒跚，但在过去的六个月中，XRP一直保持稳定的增长，在此关键指标中悄悄缩小了差距并超越了ETH。

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.

尽管以太坊在循环的市值中仍然具有指挥的领先优势，但XRP的FDMC边缘可能表明对ETH在AltCoins中的主导地位的长期挑战。

XRP flips ETH in FDMC — What we know

XRP在FDMC中翻转ETH - 我们知道的

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.

根据加密分析师爱德华·法琳娜（Edward Farina）的说法，XRP于4月18日超过了FDMC的以太坊，总计达2084亿美元，比ETH的1.925亿美元高约159亿美元。

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

如果其所有令牌在循环中，FDMC可以测量加密货币的预计值。

Source: X

来源：X

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

XRP的攀登达到了该指标的顶部，经过六个月的持续超越性能。

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.

尽管很少夸张，但此举将XRP定位为估值排名中的认真竞争者，尤其是当市场观察者考虑长期潜力，而不仅仅是当前的循环供应。

Why the numbers differ

为什么数字有所不同

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.

XRP的FDMC可能会超过以太坊，但其循环的市值仍然要低得多。该差距主要是由于XRP的令牌结构所致。

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

XRP代币的很大一部分被锁定在托管中，尚未置于循环供应中，尽管它们被纳入FDMC。

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

相反，以太坊的供应在很大程度上流通。这种结构上的差异解释了FDMC和市值之间的差异。

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

从本质上讲，XRP的潜在市场价值在纸上看起来更强，但实际上可访问的价值仍然远远落后于ETH。

What does this mean for altcoin hierarchy?

这对Altcoin层次结构意味着什么？

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

XRP超过FDMC中的ETH可以标志着市场如何看待长期山寨币价值的重要转变。

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.

尽管以太坊仍在使用，Defi优势和市值方面占据主导地位，但XRP在预计估值中的沉默力量表明投资者的信心不断增长，尤其是在法律清晰度和付款叙述中。

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.

这也表明，Altcoin竞赛不再是两马比赛。随着XRP缩小其他指标的差距，围绕Altcoin领导力的问题可能会浮出水面。

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

如果这种势头继续下去，以太坊作为顶级山寨币的地位可能会在多年来面临最可信的挑战。

XRP holds firm, ETH slumps

XRP保持坚定，Eth Slumps

The chart tells a compelling story.

图表讲述了一个引人入胜的故事。

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.

在过去的两个月中，XRP在价格绩效方面的ETH大大超过了ETH。自2月下旬以来，XRP下降了约18.35％，但ETH在同一时间范围内跌落了41.15％以上。

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

鲜明的分歧表明XRP在更广泛的市场弱点中的相对力量。

Source: TradingView

资料来源：TradingView

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

值得注意的是，自4月中旬以来，XRP一直保持紧密的整合范围。可能的基础形成。同时，ETH继续在向下压力下挣扎。

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

如果这种技术模式持续存在，则可能有利于XRP进行潜在的反弹。

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

从本质上讲，XRP的技术弹性与FDMC里程碑搭配 - 将其定位为当前市场阶段中更具吸引力的山寨币。