In a surprising move within the crypto market, XRP has surpassed Ethereum (ETH) in a key valuation metric: Fully Diluted Market Capitalization (FDMC). While Ethereum has been in a downtrend this bull cycle, XRP’s performance over the last six months has been nothing short of impressive, leading to it quietly overtaking the world’s second-largest cryptocurrency by market capitalization.

XRP Flips Ethereum In FDMC

Edward Farina, a crypto analyst and outspoken XRP supporter, took to X (formerly Twitter) on April 18 to announce that XRP has officially overtaken Ethereum in terms of Fully Diluted Market Capitalization. The FDMC represents the total potential value of a cryptocurrency if all of its tokens were in circulation. 

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This metric is usually calculated by multiplying a cryptocurrency’s current price by its maximum token supply. This contrasts with the more commonly referenced market capitalization metric, which only factors in circulating supply. 

At the time of his post, Farina reported that XRP’s FDMC had reached $208.4 billion, surpassing Ethereum’s $192.5 billion by approximately $15.9 billion. This marks over six consecutive months of XRP outperforming Ethereum in terms of projected value, signaling a potential shift in altcoin dominance between the two leading cryptocurrencies. 

Despite XRP’s FDMC milestone, it’s worth noting that Ethereum’s current market capitalization remains significantly higher. As of writing, ETH’s market cap is estimated at $199.14 billion, compared to XRP’s $124.3 billion, reflecting a difference of around $74.84 billion. 

The key reason for this discrepancy between XRP’s market capitalization and FDMC lies in its unique token structure. A significant portion of XRP’s supply is held in escrow, meaning those tokens are not yet available in the open market. While they do not count toward the circulating supply, they are included in its Fully Diluted Market Capitalization. 

The implication behind this distinction remains clear: if all of XRP’s tokens in escrow were unlocked and circulated today, its market value could exceed that of Ethereum. As the altcoin steadily gains momentum in valuation metrics and investor interest, it could pose a significant challenge to Ethereum’s position as the number one altcoin and second-largest cryptocurrency. 

Bollinger Bands Signal Major Move In The Altcoin Price

The XRP price could be gearing up for a significant move upward as technical chart indicators point toward rising volatility. A recent analysis of the 4-hour chart by crypto analyst Ali Martínez shows Bollinger Bands tightening — a classic signal that often precedes a breakout. 

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Currently trading near the midline of the bands after a bounce from the lower support zone, XRP is now consolidating within a narrow range. The “squeeze” pattern reflects reduced volatility. While the target of the proposed price move remains uncertain, Martinez is confident that its next breakout is just around the corner.

Featured image from Unsplash, chart from Tradingview.com

Cardano (ADA) is up 4% on Monday, trying to hit $0.65, showing signs of renewed bullish momentum. Technical indicators are beginning to align in favor of buyers, with the BBTrend turning positive for the first time in days and the DMI signaling strengthening upward pressure.

ADA is also nearing a potential golden cross formation on its EMA lines, which could further support a breakout if resistance levels are cleared. With momentum building and key levels in sight, Cardano is entering a critical zone that could define its short-term direction.

Cardano Shows Early Signs of Recovery as BBTrend Turns Positive

Cardano BBTrend has just flipped back into positive territory at 0.11, following four straight days in the negative zone. This shift, though subtle, may be the first sign of momentum stabilizing after recent weakness.

BBTrend, or Bollinger Band Trend, is a technical indicator that gauges the strength and direction of a trend based on how wide or narrow the Bollinger Bands are.

When the bands begin to expand and BBTrend moves into positive values, it often suggests growing volatility in favor of an emerging bullish trend. On the other hand, prolonged negative readings typically signal fading momentum and a lack of directional strength.

While a BBTrend of 0.11 is still low and not yet signaling a strong uptrend, the fact that it turned positive marks a potential inflection point.

It suggests that selling pressure may be fading and the price could be entering a recovery phase if buying activity increases. This early uptick in BBTrend often precedes a broader move.

Traders will likely be watching closely to see if this positive shift is sustained in the coming sessions, as continued gains in BBTrend could indicate the beginning of a more defined upward move for ADA.

Cardano Buyers Regain Control as Uptrend Shows Early Strength

Cardano Directional Movement Index (DMI) is showing a notable shift in momentum, with its Average Directional Index (ADX) climbing to 17.79, up from 13.77 yesterday.

The ADX measures the strength of a trend, regardless of its direction, on a scale from 0 to 100. Values below 20 suggest a weak or non-existent trend, while readings above 25 typically confirm that a trend is gaining strength.

ADA’s ADX is still below the 20 threshold but rising steadily—indicating that momentum is building and a stronger directional move could soon take shape.

Looking deeper, the +DI (positive directional indicator) has jumped to 26.38 from 16.30 just a day ago, signaling increased buying pressure. Although it has slightly pulled back from an earlier peak at 29.57, it remains firmly above the -DI (negative directional indicator), which has dropped significantly from 22.72 to 13.73.

This widening gap between the +DI and -DI suggests a clear shift in favor of bulls, with buyers regaining control after a brief period of selling pressure.

If the ADX continues to rise alongside a dominant +DI, it could confirm a strengthening uptrend for Cardano.

Cardano Nears Golden Cross as Bulls Eye Breakout—but Key Support Still in Play

Cardano price is approaching a potentially bullish technical development, as its EMA lines suggest a golden cross may form in the coming sessions.

A golden cross occurs when the short-term moving average crosses above the long-term moving average, often signaling the start of a stronger uptrend.

If this crossover is confirmed and ADA manages to break above the resistance at $0.668, the next upside targets sit at $0.709 and $0.77—levels not seen since late March.

However, if ADA fails to maintain its upward trajectory and the momentum fades, downside risks remain in play.

A drop back toward the $0.594 support would be the first sign of weakness, and a breakdown below that level could expose the asset to deeper losses, with $0.511 as the next key support zone.

Price action around the $0.668 resistance will likely be the deciding factor.

As the SEC is signaling its willingness to approve new altcoin ETFs, 72 active proposals are awaiting a nod. Despite the growing interest from asset managers to launch more altcoin-based products in the institutional market, Bitcoin ETFs currently command 90% of crypto fund assets worldwide.

New listings can attract inflows and liquidity in these tokens, as demonstrated by Ethereum’s approval of ETF options. Still, given the current market interest, it’s highly unlikely that any crypto found will replicate Bitcoin’s runaway success in the ETF market

Bitcoin Dominates the ETF Market

Bitcoin ETFs dramatically changed the global digital assets market over the past month, and they are performing quite well at the moment. In the US, total net assets have reached $94.5 billion, despite continuous outflows in the past few months.

Their impressive early success opened a new market for crypto-related assets, and issuers have been flooding the SEC with new applications since.

This flood has been so intense that there are currently 72 active proposals for the SEC’s consideration:

“There are now 72 crypto-related ETFs sitting with the SEC awaiting approval to list or list options. Everything from XRP, Litecoin and Solana to Penguins, Doge and 2x MELANIA and everything in between. Gonna be a wild year,” claimed ETF analyst Eric Balchunas.

The US regulatory environment has become much friendlier toward crypto, and the SEC is signaling its willingness to approve new products. Many ETF issuers are attempting to seize the opportunity to create a product as successful as Bitcoin.

However, Bitcoin has a sizable head start, and it’s difficult to imagine any newcomer disrupting its 90% market share.

To put that into perspective, BlackRock’s Bitcoin ETF was declared “the greatest launch in ETF history.” Any new altcoin product would need a significant value-add to encroach upon Bitcoin’s position.

Recent products like Ethereum ETF options have attracted fresh liquidity. Yet, Bitcoin’s dominance in the institutional market remains unchanged.

Of these 72 proposals, only 23 refer to altcoins other than Solana, XRP, or Litecoin, and many more concern new derivatives on existing ETFs.

Some analysts claim that these products, taken together, couldn’t displace more than 5-10% of Bitcoin’s ETF market dominance. If an event significantly disrupted Bitcoin, it would also impact the rest of crypto.

Still, that doesn’t mean that the altcoins ETFs are a futile endeavor. These products have continually created new inflows and interest in their underlying assets, especially with issuers acquiring token stockpiles.

However, it’s important to be realistic. While XRP and Solana ETF approvals could drive new bullish cycles for the altcoin market, Bitcoin will likely dominate the ETF market by a large margin — given its widespread recognition as a ‘store of value’.