While Ethereum has long held its spot as the second-largest cryptocurrency by market capitalization, some voices in the industry are beginning to challenge this status quo. Among them is John Deaton, a prominent crypto attorney and staunch advocate for XRP holders, who suggests that Ripple’s native token may soon overtake Ethereum in total market value — and perhaps even before the close of 2025.
Deaton, founder of CryptoLawUS and a familiar figure in the Ripple vs. SEC legal saga, believes the gap between XRP and Ethereum is narrower than widely perceived. His perspective goes beyond fan-driven optimism and is grounded in a mix of data points, recent developments, and community strength.
One of the latest catalysts bolstering XRP’s case is the recent debut of the 2x leveraged XRP exchange-traded fund (ETF), dubbed XXRP. The product made a splash with a $5 million trading volume on its very first day — a figure that may not raise eyebrows in the era of billion-dollar ETF flows, but one that gains significance when viewed in context.
Notably, XXRP’s opening day volume landed it within the top 5% of ETF launches historically. It also notably outperformed the 2x Solana ETF (SOLT), drawing in nearly four times more volume, which underscores XRP’s growing investor interest and market demand.
Deaton’s conviction also stems from the grassroots support XRP has enjoyed through its legal battles. Over 75,000 holders joined forces to submit an amicus brief supporting Ripple during its courtroom clash with the SEC. According to Deaton, this kind of coordinated action reflects deep commitment and organic alignment — a factor he considers more telling than market metrics alone.
While Ethereum currently boasts a market cap of approximately $177.7 billion, XRP is not far behind at $106.5 billion. More strikingly, when examining fully diluted valuations (FDV), XRP leads with an FDV of $184.15 billion, slightly overtaking Ethereum’s $178.95 billion. These figures suggest that the financial ceiling for XRP might be higher than many have anticipated.
That said, Ethereum still enjoys advantages in certain domains — including smart contract functionality, developer ecosystem size, and broader institutional trust. However, XRP isn’t attempting to compete directly in those areas.
Instead of mirroring Ethereum’s DeFi and smart contract-centered approach, XRP continues to chart its course. Its emphasis lies in cross-border payments, regulatory alignment, and expanding user access through initiatives like the XXRP ETF. These distinct priorities could offer a strong alternative value proposition, particularly for users and institutions focused on financial infrastructure and compliance.
Though a potential XRP flip of Ethereum remains speculative, the conversation is no longer confined to hopeful retail investors. With growing trading interest, an energized community, and a forward-looking utility, XRP is increasingly being viewed as a serious contender for the number two spot.
Whether or not that milestone will be reached in 2025 remains to be seen, but as Deaton and others argue, the race between XRP and Ethereum may be closer than the crypto world is prepared to admit.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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