Although XRP hit an all-time high in 2025 and has been approved for spot ETF trading, it still faces many challenges in surpassing Ethereum to become the second-largest cryptocurrency by market capitalization.Analysts pointed out that compared with the XRP ledger, which is mainly focused on cross-border transactions, Ethereum has a wider range of applications and a more diverse ecosystem, supporting numerous crypto projects and Web3 applications.While XRP’s growing popularity in international payments may facilitate its future adoption, its current narrow usage remains a key obstacle.