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Novogratz Questions XRP and Cardano Utility as Crypto Valuation Focus Turns to Fundamentals

His comments highlight weak usage metrics, pushing revenue capture to the forefront of token valuation.

Overview

  • In a discussion with Galaxy Digital’s Alex Thorn, Mike Novogratz asked whether XRP and Cardano can “hold it together” without stronger real-world usage beyond loyal communities.
  • CoinDesk, citing CryptoQuant, reported roughly 16,703 active XRP addresses and just over 19,000 active Cardano addresses, far below activity on faster-growing networks such as Solana.
  • Market-cap context from CoinMarketCap places XRP near $115 billion in fifth place and ADA around $13–14 billion near twelfth, underscoring scrutiny of usage versus valuation.
  • Novogratz contrasted community-driven tokens with models that generate cash flows, pointing to Hyperliquid’s revenue and buyback mechanics as an example of clearer value capture.
  • Both projects are pursuing utility-focused efforts, with Cardano’s privacy-oriented Midnight sidechain and Ripple’s RLUSD stablecoin deployments, partnerships, about $4 billion in 2025 acquisitions, and a Doppler Finance collaboration reported by NewsBTC.