XRP's fully diluted valuation (FDV) has surpassed that of Ethereum, marking a significant shift in the fortunes of both blockchain networks. As of March 14, XRP's FDV was nearly $235 billion, exceeding Ether's by over $1 billion. Despite Ether maintaining a higher market capitalization at $233 billion compared to XRP’s $136 billion, this FDV flip reflects the growing momentum of XRP’s decentralized finance (DeFi) ecosystem while Ethereum faces challenges from competing layer-1 networks like Solana. XRP's price has increased over 300% since the U.S. elections, driven by favorable regulatory developments under the Trump administration, which aims to position the U.S. as a leader in cryptocurrency. XRP has also received support surrounding President Trump’s proposal to include it in a U.S. Digital Asset Stockpile. On the other hand, Ether has struggled with trading volume since its Dencun upgrade in March 2024, which significantly reduced transaction costs. The contrasting fortunes of these cryptocurrencies suggest a dynamic and competitive environment in the blockchain space.

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