XRP News Today: XRP and Cardano Prices Drop Despite Ecosystem Gains

XRP and Cardano, two prominent cryptocurrencies, have experienced a decline in prices despite recent positive developments in their ecosystems. XRP has seen a drop of over 4% in the last 24 hours, currently trading around $0.509, while Cardano (ADA) has fallen over 2%, now at $0.555. This price dip occurs amidst increased trading activity, indicating that traders remain engaged but cautious, as institutional support continues to lag.

Grayscale Investments has updated its Top 20 crypto assets list for Q3, including Avalanche (AVAX) and Morpho (MORPHO) based on factors such as network activity, catalysts, and token valuation. However, XRP and ADA were notably absent from the list, despite Ripple’s legal victories against the SEC and the overall market optimism surrounding both tokens. This exclusion has raised questions within the crypto community, as Grayscale’s own XRP and Cardano trusts are awaiting ETF approval, suggesting that the firm acknowledges their potential. The omission from the latest portfolio indicates that Grayscale may be prioritizing short-term momentum and valuation metrics over long-term fundamentals.

In contrast, two Ethereum-based tokens, Lido DAO (LDO) and Optimism (OP), were removed from the list due to weakening near-term fundamentals, despite their leadership in their respective sectors. This move by Grayscale appears to reflect a shift toward adoption-based criteria over long-term fundamentals. The exclusion of XRP and Cardano from the list, despite their strong ecosystem developments and increasing global ETF approvals, suggests that Grayscale is giving more weight to short-term momentum and valuation metrics.

XRP has been gaining traction with several major developments. Three XRP ETFs have recently launched in Canada, and in the U.S., asset manager Franklin Templeton has applied for an XRP ETF, which is currently under SEC review. Ripple has also made headlines with a $1.25 billion acquisition of prime brokerage firm Hidden Road, signaling its expansion into institutional markets. Additionally, the launch of Ripple’s RLUSD stablecoin on the XRP Ledger adds another layer of utility to the ecosystem, positioning XRP for stronger adoption ahead.

Cardano is also experiencing a bullish wave. With over $100 million, ADA was recently converted to BTC and stablecoins to support DeFi growth, while its stablecoin market cap has surged 30%. Integration with the Brave browser has expanded Cardano’s reach to over 86 million users, and ETF optimism is rising, with analysts giving it a 55% approval chance. Despite these positive developments, both XRP and Cardano still face challenges in gaining favor with large institutions, which is surprising given the high ETF approval odds projected by analysts.

Despite recent regulatory clarity, such as the SEC conceding that certain staking activities aren’t securities, XRP and Cardano still struggle to win favor with large institutions. This is surprising given that analysts place them among tokens with the highest ETF approval odds in a potential Trump-led SEC. The continued exclusion of these major altcoins from Grayscale’s Top 20 list raises questions about the criteria used by the firm and the factors influencing institutional support for these cryptocurrencies.