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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
Reviewed by:
Zafar Naik
Reviewed
- Jun 27, 2025 10:34 UTC
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Why Is Grayscale Leaving XRP and Cardano off Its Q3 Top 20 List?
XRP and Cardano prices dip despite ETF momentum and ecosystem growth, as Grayscale excludes them from its Q3 Top 20 crypto list again.
XRP gains traction with ETFs and acquisitions; Cardano expands DeFi and user base—yet institutional support remains surprisingly weak.
Both XRP and Cardano are under pressure this week, with prices slipping despite recent positive developments. XRP is down over 4% in the last 24 hours, now hovering around $0.509, while Cardano (ADA) fell over 2%, currently trading at $0.555.
The dips come amid increased trading activity, suggesting traders are still engaged, but the sentiment remains cautious as institutional support continues to lag.
Grayscale Investments has updated its Top 20 crypto assets list for Q3, bringing in Avalanche (AVAX) and Morpho (MORPHO) based on factors like network activity, catalysts, and token valuation. But once again, XRP and ADA were left out, despite Ripple’s legal wins against the SEC and strong market optimism around both tokens.
Why the Exclusion Raises Questions
The crypto community has raised eyebrows over the continued exclusion of these major altcoins. Grayscale’s own XRP and Cardano trusts are awaiting ETF approval, suggesting the firm recognizes their potential. Yet, their omission from the latest portfolio suggests Grayscale is giving more weight to short-term momentum and valuation metrics.
Meanwhile, two Ethereum-based tokens, Lido DAO (LDO) and Optimism (OP), were dropped from the list due to weakening near-term fundamentals, even though they continue to lead in their sectors. Grayscale’s move appears to reflect a shift toward adoption-based criteria over long-term fundamentals.
XRP and Cardano Beating the Odds
XRP is gaining momentum with a series of major developments. Three XRP ETFs have recently launched in Canada, while in the U.S., asset manager Franklin Templeton has applied for an XRP ETF, which is now 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. Plus, 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.
Meanwhile, Cardano is also riding 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.
Something is still not in Place…
Despite recent regulatory clarity, like the SEC conceding that certain staking activities aren’t securities, XRP and Cardano still can’t seem to win favor with large institutions. This is surprising given Bloomberg analysts place them among tokens with the highest ETF approval odds in a potential Trump-led SEC.
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FAQs
They are considered high potential due to strong ecosystem developments (e.g., XRP’s RLUSD stablecoin, Cardano’s DeFi growth), increasing global ETF approvals (Canada), and high analyst-projected U.S. ETF approval odds, indicating long-term value despite short-term institutional hesitancy.
Grayscale considers factors like network growth/adoption, upcoming catalysts, sustainability of fundamentals, token valuation, token supply inflation, and potential tail risks, emphasizing short-term momentum and adoption metrics.
Bloomberg analysts indicate very high approval odds (90% or higher) for XRP and Cardano ETFs by year-end 2025, placing them alongside Litecoin, Solana, Polkadot, and Avalanche due to positive SEC engagement.
Yes 
No 
