XRP Vs. Ethereum In 2025: Will The King of Altcoin Be At Risk of Losing Its Throne?

The cryptocurrency market is no stranger to changes in strength — but the question currently resonating throughout this ecosystem is sharper than ever: Can Ripple's XRP dethrone Ethereum to become the dominant altcoin in the next bullish cycle? With both giants charting different paths in recent months, speculation is rising as XRP surpasses ETH in fully diluted market capitalization (FDMC), hinting at a competition that is taking shape to reshape the altcoin landscape. Below is the data indicating how the price trend is occurring and whether Ethereum's top position is truly threatened — or if XRP is just enjoying a temporary bullish wave. XRP surpasses ETH in fully diluted market capitalization — But what does that mean? As of April 18, 2025, the FDMC of XRP reached $208.4 billion, surpassing $192.5 billion of Ethereum, according to data from AMBCrypto. While this may seem like a significant shift in the strength of altcoin, a closer look will reveal the subtlety behind the headlines. FDMC calculates the value of a token if its entire supply is in circulation. The supply of XRP includes billions of tokens still held in escrow, which increases its FDMC compared to the circulating market cap. On the other hand, Ethereum has most of its supply in circulation. "This milestone is symbolic, but it reflects a changing sentiment," cryptocurrency strategist Eleanor Voss said. "Investors are recalibrating their risks according to macro stories and regulatory clarity."

Ethereum vẫn thống lĩnh biên giới hợp đồng thông minh Despite the impressive bullish rally of XRP, Ethereum still firmly holds the infrastructure of decentralized finance (DeFi), NFTs, and smart contract deployments. It accounts for over 70% of TVL (Total Value Locked) in DeFi and the transition to a proof-of-stake model through the Ethereum 2.0 upgrade has significantly reduced energy consumption and strengthened long-term viability. "Ethereum is still the backbone of decentralized applications," said Andre Mackie, a developer at DappForce Labs. "XRP is making inroads, but it does not replace the core use cases of Ethereum — at least not yet." The utility gap is highlighted by developer activity. Ethereum continues to attract the majority of blockchain developers and remains the preferred choice for launching Layer 2 protocols such as Arbitrum, Optimism, and Base. XRP bullish thanks to legal victory and cross-border payments While Ethereum dominates DeFi, XRP has established a dominant position in institutional finance and cross-border payments. Ripple Labs' partial victory against the SEC in 2023 has given XRP a clear regulatory advantage in the United States, while Ethereum remains in a legal gray area, particularly under the SEC's expanded scrutiny of staking services. Ripple's technology has been adopted by many banks and financial networks, especially in Asia and the Middle East, reinforcing the reputation of XRP as a leading utility asset. Recent pilot programs with central banks have further bolstered its legitimacy as a payment tool on the chain. Market performance: Price divergence tells a story From the end of February to mid-April 2025, XRP decreased by 18.35%, while Ethereum experienced a sharper decline of 41.15% during the same period. The price recovery potential of XRP has attracted the attention of analysts, who are noting the potential shift in investor behavior. Analysts believe that this difference may be related to the increase in gas fees of Ethereum and a slow response to competition regarding L2 scalability, while XRP is attracting capital flows from institutions due to regulatory certainty and practical integration. Will Ethereum lose its crown as the altcoin? The concept that XRP will surpass Ethereum in the long run is no longer completely dismissed. As the cryptocurrency landscape shifts towards utility-based narratives and regulatory compliance, the real-world use case of XRP in payments and its close relationship with Ripple's institutions positions it as a formidable contender. However, the strength of Ethereum lies in the decentralized network effect, the dominance of DeFi, and continuous 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 technology companies to provide blockchain solutions for enterprises. "The change between ETH and XRP will be revolutionary — but it's not something that's about to happen," blockchain researcher Tara Nguyen said. "It depends on Ethereum's adaptability and XRP's scalability." What could the next bullish cycle reveal? With the bullish cycle of 2025–2026 approaching, the stage is set for a dramatic showdown. The momentum of XRP is undeniable, and the decline of Ethereum has sparked debates about its vulnerability. However, market cycles are often accompanied by surprises. As institutional capital flows increase and the utility of tokens becomes the focus of investment theses, both XRP and ETH could thrive — but possibly in different roles. Ethereum is likely to remain the digital infrastructure for decentralized innovation, while XRP strengthens its position as a financial technology payment layer. Final verdict While the rise of XRP surpassing Ethereum in FDMC may signal a change in the paradigm, it is not yet time to call a winner. The cryptocurrency market has matured beyond the "one chain to rule them all" narratives. Both Ethereum and XRP have the potential to coexist — one being the foundation for Web3 development, while the other serves as a digital rail for institutional money movement.