XRP\u2019s fully diluted valuation (FDV) has surpassed Ether (ETH<\/a>), according to March 14 data from CoinGecko.\u00a0<\/p>\n The FDV flip signifies a reversal of fortune for both layer-1 (L1) blockchain networks behind the tokens, as XRP Ledger\u2019s decentralized finance (DeFi) ecosystem gains traction and Ethereum grapples with competition from rival L1s, such as Solana.<\/p>\n As of March 14, XRP\u2019s FDV stood at nearly $235 billion, more than $1 billion higher than Ether\u2019s, according to CoinGecko. Ether\u2019s market capitalization still leads at $233 billion versus XRP\u2019s $136 billion, the data shows.\u00a0<\/p>\n FDV measures the cumulative value of all existing tokens, whereas market capitalization only counts tokens already in circulation.\u00a0<\/p>\n XRP\u2019s developer, Ripple Labs, holds a multibillion-dollar allocation of its chain\u2019s native token.\u00a0<\/p>\n Cryptocurrencies by FDV. Source: <\/em>CoinGecko<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n Related: <\/strong><\/em>XRP Ledger unveils institutional DeFi roadmap<\/strong><\/em><\/a><\/p>\n XRP\u2019s 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.\u00a0<\/p>\n Trump said he wants America to become the \u201cworld\u2019s crypto capital\u201d and has appointed industry-friendly leadership to key regulators.\u00a0<\/p>\n The thawing US regulatory environment is especially beneficial for XRP, which prioritizes enterprise users and unveiled an institutional DeFi roadmap<\/a> in February.<\/p>\n As of January, XRP\u2019s native decentralized exchange (DEX) has handled more than $1 billion in swap transactions<\/a> since launching in 2024.<\/p>\n 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<\/a>) and Cardano (ADA<\/a>).\u00a0<\/p>\n The stockpile will only comprise assets acquired by law enforcement and other legal proceedings<\/a> and will not buy crypto.\u00a0<\/p>\n The US Securities and Exchange Commission is reportedly \u201cin the process of wrapping up\u201d<\/a> an enforcement action against Ripple that has beleaguered the XRP developer since 2020.\u00a0<\/p>\n The regulator has already dropped actions against crypto firms such as Coinbase, Kraken and Uniswap.<\/p>\n Meanwhile, Ether\u2019s spot price has struggled since March 2024, when the network\u2019s Dencun upgrade cut transaction fees by approximately 95%.\u00a0<\/p>\n As of March, trading volume on Solana, which prioritizes fast transaction execution and was central to 2024\u2019s memecoin frenzy, rivals that of Ethereum<\/a> and all of its layer-2 scaling chains combined.\u00a0<\/p>\n Magazine: <\/strong><\/em>\u2018Hong Kong\u2019s FTX\u2019 victims win lawsuit, bankers bash stablecoins: Asia Express<\/strong><\/em><\/a><\/p>\n \n<\/div>\nChanging fortunes<\/h2>\n