XRP and Cardano face pressure as prices plummet despite positive signals.
This week, both XRP and Cardano faced downward pressure. XRP lost over 4% in the past 24 hours, currently trading around $0.509. Meanwhile, Cardano (ADA) fell over 2%, with prices fluctuating around $0.555.
Despite a significant increase in trading volume, market sentiment remains quite cautious. Support from major institutions is still not clearly evident, preventing prices from sustaining upward momentum.
The updated list of the top 20 cryptocurrencies for Q3 and the surprises.
Grayscale Investments has updated its list of the top 20 cryptocurrencies for Q3, adding Avalanche (AVAX) and Morpho (MORPHO) based on network activity criteria, driving impact, and token valuation. However, XRP and ADA continue to be excluded despite Ripple recently winning a lawsuit against the SEC, along with positive market sentiment towards these two tokens.
Why is this exclusion controversial?
The cryptocurrency community cannot help but question the exclusion of these two major coins. Grayscale has both XRP and Cardano trusts awaiting ETF approval, indicating they still recognize their long-term potential. However, not including them in the latest portfolio reflects a prioritization of evaluations based on short-term momentum and current valuation metrics.
Meanwhile, two tokens from the Ethereum system, Lido DAO (LDO) and Optimism (OP), were excluded due to declining fundamentals despite still leading in their respective fields. This could be a sign that Grayscale is shifting its priorities towards more practical application criteria rather than solely relying on long-term core factors.
XRP and Cardano are convincingly swimming against the tide.
XRP is accelerating with a series of strategic advancements. Three XRP ETFs have launched in Canada, while Franklin Templeton in the United States has filed for an XRP ETF, awaiting SEC approval. Ripple has also gained attention by acquiring the leading brokerage firm Hidden Road for $1.25 billion, marking a deep advancement into the institutional market. Additionally, the introduction of the stablecoin RLUSD on the XRP Ledger adds further utility, expanding application potential.
Not to be outdone, Cardano is also experiencing a strong price surge. Over $100 million of ADA has recently been converted to BTC and stablecoins to support DeFi development, with stablecoin market capitalization increasing by 30%. Integration with the Brave browser has helped Cardano reach over 86 million users, while ETF approval expectations are high with an estimated approval rate of around 55%.
There's still something unsettling...
Although recent regulations have become clearer, such as the SEC acknowledging that some staking activities do not fall under securities, XRP and Cardano still struggle to gain strong trust from major institutions. This is surprising as many Bloomberg analysts rank these two tokens among those with the highest chances of ETF approval, especially if the SEC is under the next leadership of the Trump administration.
XRP and Cardano are on a path to challenge market and institutional limits amid volatility and new growth opportunities. Capturing this information helps cryptocurrency investors gain deeper insights and develop suitable strategies in an ever-changing landscape.
Source: https://tintucbitcoin.com/grayscale-loai-xrp-cardano-khoi-top-20/
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