The XRP token has surpassed Ethereum in fully diluted value (FDV) for the first time in its history, signaling a major shift in the altcoin space.
This milestone reflects XRP’s growing traction, fueled by increasing institutional interest and a more favorable regulatory climate in the US.
XRP Overtakes Ethereum in FDV
Data from Token Terminal reveals that XRP’s FDV has surpassed $240 billion, edging past Ethereum’s $231.5 billion.
FDV represents the total value of a project’s tokens, including those not yet in circulation. This metric offers insight into a blockchain network’s potential worth.

Despite leading in FDV, XRP remains behind Ethereum in market capitalization. Ethereum’s market cap stands at approximately $231 billion, while XRP’s is significantly lower at $140 billion.
However, XRP’s rapid ascent reflects shifting market dynamics between the two networks.
Over the past months, Ethereum has faced persistent price struggles and internal leadership crises that have affected its ecosystem. In contrast, XRP has experienced a dramatic turnaround, driven by a mix of regulatory clarity and institutional adoption.
Following Trump’s re-election, XRP’s price skyrocketed over 300%, reaching a peak of $3.38 in January. The XRP Ledger has also seen significant adoption, with major financial institutions like Societe Generale integrating its technology.
This momentum aligns with the new administration’s pro-crypto policies, including the appointment of industry-friendly regulators and initiatives such as the Strategic Bitcoin Reserve and the National Digital Asset Stockpile.
Trump has even referenced XRP among the key assets included in these efforts, further boosting investor confidence.
Meanwhile, XRP’s institutional adoption has accelerated, with major asset managers like Grayscale, Canary, and Franklin Templeton filing for spot exchange-traded funds (ETFs) with the US Securities and Exchange Commission (SEC).
Speculation has also surfaced that BlackRock, the world’s largest asset management firm, may submit its own XRP ETF application.
“BlackRock will file for both Solana & XRP ETFs. Solana could be any day. Think XRP once SEC lawsuit concluded,” Nate Geraci, president of ETF Store predicted.
Moreover, regulatory clarity appears to be on the horizon as well. Reports suggest the SEC is finalizing its enforcement action against Ripple, potentially resolving a legal dispute that has negatively affected XRP.
Additionally, discussions within the SEC indicate that XRP could be classified as a commodity rather than a security. These talks reportedly emerged during the agency’s settlement negotiations with Ripple, hinting at a potential shift in regulatory stance.
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