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Study: XRP market capitalization may be over $ 6 billion overpriced

According to a new report from research firm Messari, the real market capitalization of Ripples XRP tokens is significantly lower than for resources such as CoinMarketCap. About it writes CoinDesk.

According to CoinMarketCap, with $ 13 billion in capital, around 41 billion XRP coins are in circulation. However, according to Messari researchers, 19.2 billion XRPs may be illiquid or "subject to significant trade restrictions". These include, for example, at least 6.7 billion XRPs co-founded by Jed McCaleb in consultation with Ripple.

Analysts also claim that these 41

billion XRPs contain 5.9 billion chips that McCaleb has transferred to a non-profit organization, RippleWorks, but so far this process is ongoing. The report also mentions 2.5 billion XRPs belonging to RippleWorks and associated with trading restrictions.

In addition, 4.1 billion XRPs sold through XRP II, the ripple cash operator, are subject to restrictions. The total volume is illiquid XRP can not be installed without direct disclosure of data by Ripple. Messari concludes that the stated market capitalization of the asset will be overestimated by at least $ 6 billion. CoinMarketCap

may also be considered wrong: "Not only does this report contain some misconceptions about the freezing of capital and trade restrictions, but it also generally relies on an incorrect calculation of market capitalization. Although decentralized assets such as XRP differ from traditional values, the term "market capitalization" always implies a very simple calculation: the current price multiplied by the total supply. The current capitalization of XRP is thus about 31 billion US dollars, "said a company spokesman .

In his report, Messari notes that during his preparation he tried to obtain data from Ripple and RippleWorks, but did not wait for an answer. [19659007] "Ripple does not disclose the methodology or data of the exchanges they use to calculate the trading volume. This is a critical value in terms of trade restrictions. As you can see, more than 99% of XRP's trading volume comes from foreign exchange exchanges, many of which are suspected of trading in washes, "the report said.

According to the Q4 2018 report, the ripple released this Thursday The average daily trading volume of XRP is $ 585.7 million.

Earlier this month, analysts at rating agency Weiss Ratings said XRP could circumvent Bitcoin by market cap in the coming years.

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