As Crypto Market Matures, Can XRP and Cardano Stay Relevant?

The cryptocurrency landscape is undergoing a fundamental shift, and not all legacy tokens are weathering the transition equally. Mike Novogratz, CEO of Galaxy Digital, has raised pointed questions about whether projects like Cardano and XRP can sustain their influence as the industry matures beyond hype-driven narratives.

The Core Challenge: From Hype to Utility

When the market was younger, community enthusiasm alone could sustain a project’s value. Today’s environment demands something different. As Novogratz noted in his analysis with Galaxy’s chief of research Alex Thorn, the cryptocurrency space is evolving from speculation-based investments toward metrics-driven evaluation. Tokens must now prove tangible value rather than rely on passionate fan bases.

This maturation creates a credibility gap. Both Cardano and XRP have cultivated devoted communities—that much is undisputed. Yet the question becomes: can loyalty translate into network utility when competition intensifies and user expectations rise?

The Usage Reality Check

Cardano presents an interesting case study. Despite years of development and a highly engaged ecosystem, on-chain activity remains relatively modest. The network hosts a committed community, but actual transaction volume and dApp adoption haven’t kept pace with the project’s market positioning or the hype surrounding blockchain developments.

XRP tells a similar story through a different lens. Ripple designed XRP specifically for cross-border payments via RippleNet, partnering with financial institutions globally. The concept is sound—faster, cheaper international transfers. However, critics consistently point out that real-world adoption has lagged significantly behind promotional messaging.

Data Reveals the Disparity

Current market valuations tell one story; on-chain metrics tell another. XRP commands a market cap of approximately $127.42 billion, positioning it among crypto’s top five assets. Cardano (ADA) sits at roughly $14.39 billion, near the 12th rank.

The interesting divergence emerges when examining active participation. Solana, with a $78.16 billion market cap, consistently demonstrates millions of active users through its thriving DeFi ecosystem, meme token culture, and developer activity—vastly outpacing XRP and Cardano despite a smaller market valuation.

This gap between market capitalization and actual network utility has become increasingly difficult to ignore as the market matures and investors demand substance over sentiment.

Where the Industry Is Heading

Novogratz points to emerging platforms like Hyperliquid as representatives of the future model. These exchanges generate genuine revenue streams and deploy profits to repurchase tokens—mimicking traditional equity mechanics. As cryptocurrency matures, this approach may become the standard by which projects are evaluated.

The fundamental question isn’t whether XRP and Cardano will survive—both have established communities and legitimate use cases. Rather, it’s whether they can evolve their value proposition faster than the market is evolving its expectations. In a space moving decisively toward tangible metrics over aspirational narratives, that distinction matters significantly.