XRP’s fully diluted valuation (FDV) has surpassed Ether (ETH), according to March 14 data from CoinGecko. 

The FDV flip signifies a reversal of fortune for both layer-1 (L1) blockchain networks behind the tokens, as XRP Ledger’s decentralized finance (DeFi) ecosystem gains traction and Ethereum grapples with competition from rival L1s, such as Solana.

As of March 14, XRP’s FDV stood at nearly $235 billion, more than $1 billion higher than Ether’s, according to CoinGecko. Ether’s market capitalization still leads at $233 billion versus XRP’s $136 billion, the data shows. 

FDV measures the cumulative value of all existing tokens, whereas market capitalization only counts tokens already in circulation. 

XRP’s developer, Ripple Labs, holds a multibillion-dollar allocation of its chain’s native token. 

Cryptocurrencies by FDV. Source: CoinGecko

Related: XRP Ledger unveils institutional DeFi roadmap

Changing fortunes

XRP’s price has risen by more than 300%, to around $2.3 per token, since President Donald Trump prevailed in the US elections on Nov. 5. 

Trump said he wants America to become the “world’s crypto capital” and has appointed industry-friendly leadership to key regulators. 

The thawing US regulatory environment is especially beneficial for XRP, which prioritizes enterprise users and unveiled an institutional DeFi roadmap in February.

As of January, XRP’s native decentralized exchange (DEX) has handled more than $1 billion in swap transactions since launching in 2024.

The XRP token saw further support when Trump said he planned to include XRP in a proposed US Digital Asset Stockpile alongside other cryptocurrencies, such as Solana (SOL) and Cardano (ADA). 

The stockpile will only comprise assets acquired by law enforcement and other legal proceedings and will not buy crypto. 

The US Securities and Exchange Commission is reportedly “in the process of wrapping up” an enforcement action against Ripple that has beleaguered the XRP developer since 2020. 

The regulator has already dropped actions against crypto firms such as Coinbase, Kraken and Uniswap.

Meanwhile, Ether’s spot price has struggled since March 2024, when the network’s Dencun upgrade cut transaction fees by approximately 95%. 

As of March, trading volume on Solana, which prioritizes fast transaction execution and was central to 2024’s memecoin frenzy, rivals that of Ethereum and all of its layer-2 scaling chains combined. 

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