XRP’s absolutely diluted valuation (FDV) has surpassed Ether (ETH), based on March 14 knowledge from CoinGecko. 

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

As of March 14, XRP’s FDV stood at almost $235 billion, greater than $1 billion larger than Ether’s, based on CoinGecko. Ether’s market capitalization nonetheless leads at $233 billion versus XRP’s $136 billion, the info reveals. 

FDV measures the cumulative worth of all present tokens, whereas market capitalization solely counts tokens already in circulation. 

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

Related: XRP Ledger unveils institutional DeFi roadmap

Changing fortunes

XRP’s value has risen by greater than 300%, to round $2.3 per token, since President Donald Trump prevailed within the US elections on Nov. 5. 

Trump mentioned he desires America to grow to be the “world’s crypto capital” and has appointed industry-friendly management to key regulators. 

The thawing US regulatory atmosphere is particularly useful for XRP, which prioritizes enterprise customers and unveiled an institutional DeFi roadmap in February.

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

The XRP token noticed additional assist when Trump mentioned he deliberate to incorporate XRP in a proposed US Digital Asset Stockpile alongside different cryptocurrencies, akin to Solana (SOL) and Cardano (ADA). 

The stockpile will solely comprise property acquired by law enforcement and other legal proceedings and won’t purchase crypto. 

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

The regulator has already dropped actions in opposition to crypto companies akin to Coinbase, Kraken and Uniswap.

Meanwhile, Ether’s spot value has struggled since March 2024, when the community’s Dencun improve reduce transaction charges by roughly 95%. 

As of March, buying and selling quantity on Solana, which prioritizes quick transaction execution and was central to 2024’s memecoin frenzy, rivals that of Ethereum and all of its layer-2 scaling chains mixed. 

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