Майк Новограц: XRP и Cardano должны доказать свою ценность, чтобы выжить в конкурентной борьбе Mike Novogratz: XRP and Cardano Must Prove Their Value to Survive in Competitive Landscape

Tokens like XRP from Ripple and Cardano (ADA) must demonstrate their actual utility; otherwise, they risk being outperformed by more successful competitors. This was stated by Galaxy Digital CEO Mike Novogratz.

In a discussion with head of research Alex Thorn, Novogratz highlighted that the cryptocurrency market is shifting from «narrative-based tokens» to those with a solid business foundation.

With each market cycle, investors have more options, making it increasingly challenging to maintain community engagement. Tokens that only survive due to a loyal user base will lose out to those generating profits and providing measurable value, Novogratz emphasized.

In his view, likely winners will include Bitcoin, which has already established itself as money, and protocol coins that genuinely become platforms for building businesses.

«Charles Hoskinson, God bless him, has kept the Cardano community alive, even though the blockchain isn’t widely utilized. They have a strong community, just like XRP. Will they be able to maintain it as more and more options become available?» Novogratz questioned.

He cited the token Hyperliquid as an example of an asset with clear value. The exchange allocates 98% of profits to buy back and burn HYPE, which acts as an investment akin to stocks.

«I believe this is the future of tokens. You’ll see good coins trading successfully, just like quality real assets,» stated the Galaxy co-founder.

Novogratz predicts that the industry will undergo a transformation over the next one to three years. During this timeframe, crypto exchanges and wallets will evolve into neobanks offering stablecoins, tokenized stocks, and money market products.

In September, the entrepreneur admitted that he had underestimated the resilience of XRP—he did not expect the token to survive the U.S. Securities and Exchange Commission’s lawsuit against Ripple. The legal proceedings lasted over four years.

However, questions regarding the actual use of the token from the California fintech company frequently arise.

In November, concerns about XRP’s utility were raised by Matthew Sigel, head of digital asset research at VanEck, and Scott Melker, host of The Wolf Of All Streets podcast. At that time, Ripple’s CTO David Schwartz confirmed that the token’s concept does not include generating passive income. XAO DAO co-founder Santiago Velez clarified that the primary function of the asset is to serve as a neutral intermediary currency for transactions.

On November 13, trading of a spot ETF based on XRP by Canary Capital began. The turnover of the debut session reached $58 million, making it the best for all exchange-traded funds launched this year with no observed outflows since the launch, unlike leading Bitcoin and Ethereum products.

Ripple’s token prices are expected to continue consolidating in the new year, and anticipated catalysts will determine the strength of any upward trend. This sentiment was shared by experts interviewed by Cointelegraph.

«We still believe that the second half of 2026 will provide a more favorable environment for risk assets in general. In the short term, we observe a bearish sentiment towards altcoins until BTC either consolidates or finds a bottom,» stated Nansen’s senior analyst Jake Kennis.

While he refrained from making predictions about specific price levels for XRP, he highlighted several positive factors for the coin.

Jesus Perez, CEO of Posidonia21 Capital Partners, also suggested a sideways trend for XRP at the beginning of the year.

«The potential for growth will likely rely more on the resilience of the narrative and market sentiment than on fundamental transformations,» he added.

The implementation of staking could serve as a potential driver. However, discussions regarding a mechanism for additional yield in XRP are still in their early stages, Perez noted.

It’s worth mentioning that on-chain investigator ZachXBT compared the operational models of Ripple, Cardano, and Hedera to financial pyramids.