XRP Market Cap Could Be Overvalued By $6 Billion
Report Suggests That XRP Market Cap Could Be Overvalued By $6 Billion While XRP Prices Continue Trading Frustratingly Low
A recently published report by crypto analytics firm Messari has suggested that XRP’s market cap could be overvalued.
According to the firm, XRP’s value could be overvalued in excess of $6 billion. The firm outlined that the circulating supply could be overestimated by 48 percent, and with the market cap just over $13 billion, this means the market cap should slice to near half.
If correct, this means that by extension XRP’s ranking on the market is overvalued and the coin should be ranking well behind Ethereum. For the last couple of months, the two have been battling for the number 2 spot on the market. Currently, XRP has the title but with a margin of less than $1 billion.
Ripple Says It Sold XRP Worth $535.56 In Q4 Of 2018
In response, Ripple has released its quarterly report for Q4 2018 which shows that the company sold XRP worth $535.56.
The report further outlined the coins daily volume which stood at $585.7M, the highest since Q1 2018. XRP’s volatility of daily returns dropped to 5 percent, a new low since Q4 of 2016.
The company has further noted that XRP is now available in over 100 exchanges marking a massive milestone.
Despite several attempts by XRP to break away and trade high, the coin has continued to encounter resistance. For the last couple of days, XRP has been trading frustratingly low, only hitting a high of $0.33. Although the coin has also been able to stay above the $0.30 support position, the lack of a breakaway above, is an invitation letter for the bears to move in and pull prices down.
At the time of press, XRP is recording marginal gains, trading for a little over $0.31. There is a new wave of green around the market and this could create momentum that sees XRP record more substantial gains in the next couple of hours.
Legal Disclaimer: Please remember that trading, buying or any other type of investing in cryptocurrencies should be consider risky and may lead to the loss of all of the invested money. For further information visit Terms and Conditions section on TokenTops. We do not encourage our readers to any kind of financial decisions. Neither tokentops.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from tokentops.com. We believe that everyone should make their own and in depth research on the particular topic in various sources before making any financial decision and this person should be the only one responsible for the outcome. Our writers do their best to remain unbiased and don't actively support any project. The research is done with various sources, the predictions are based on own believes, analytical skills, experts and community discussions and is intended to convey general information only.
You may also like
XRP Leads Market Recovery, Surges By 11% And Leaves Ethereum ETH In The Wind
Can EOS Stay Up And Maintain The Fourth Position Ranking?
Dogecoin Drops Below Range, Is It Still Worth Holding In 2019?
Stellar XLM Drops By 10% Recording New Year Low As The Market Wipes Out Over $6 Billion
IOTA’s Slowdown Sees It Slip Behind In Ranking
Ethereum Classic ETC Still Trading Within Range Despite High Volatility And Recent Attack
You need to login to create comments.