- XRP and ADA remain top cryptos due to their early market entry, strong communities, and real-world use cases, maintaining relevance amid growing competition.
- XRP’s strong market position, bolstered by Ripple’s solutions, and ADA’s utility in real-world applications keep both tokens resilient in the crypto market.
Mike Novogratz, founder and CEO of Galaxy Digital, recently discussed the continued dominance of Ripple’s XRP and Cardano’s ADA in the crypto market. In a conversation with Dan Morehead of Pantera Capital on the Galaxy Brain podcast, Novogratz shared his insights into why these two assets remain at the top despite the growing number of digital assets.
Novogratz attributed the sustained success of XRP and ADA to their early market entries. He emphasized that both tokens had the advantage of launching when fewer cryptocurrencies were available, giving them a head start in building large, dedicated communities. At the time, the crypto market was not as crowded as it is today, allowing both tokens to establish user bases that continue to support them.
While newer tokens struggle to gain traction amidst growing digital assets, the early launch of XRP and ADA helped them secure long-term viability. Novogratz explained that attracting users in the current market is much more difficult, with over 11.6 million tokens now in circulation, according to CoinMarketCap data.
Another factor for the ongoing popularity of XRP and ADA is their strong communities. Novogratz pointed out that digital assets must offer real-world utility to succeed in the market, and community support plays an essential role in maintaining an asset’s relevance. The vibrant and loyal XRP community, which has been a defining feature of the token, continues to be a major factor in its market performance.
He highlighted how even celebrities with huge followings would find it challenging to keep a new token relevant without real utility and a dedicated user base. For XRP and ADA, their communities have been instrumental in keeping these tokens in the spotlight over the years.
XRP and Cardano’s Real-world Use Cases
XRP and ADA have established themselves as functional tools in the real world. XRP, for example, is integral to Ripple’s payment solutions, such as RippleNet and On Demand Liquidity (ODL), which facilitate efficient cross-border transactions. Despite the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), as reported in our previous post, XRP has maintained its value largely due to its strong narrative and practical application.
Cardano (ADA), on the other hand, has been used in real-world applications like helping Ethiopian students get digital IDs through biometric verification. This shows the blockchain’s ability to handle mass transactions effectively and its utility beyond cryptocurrency.
Market Performance of XRP and ADA
However, as of press time, XRP’s market value has remained strong, with a market cap of $155 billion, making it the third-largest cryptocurrency. Despite a recent decline in value, positive market developments have influenced the token’s price, including hopes for favorable regulations and the potential approval of an ETF tied to XRP.
Similarly, Cardano’s ADA has experienced an upward trend, currently priced at $0.80. The token’s market cap stands at $28.33 billion, reflecting investor confidence despite minor fluctuations.
