A new report, published by the crypto research firm Messari, claims that XRP market cap ($13 Billion when writing this post) is overstated by $6.1 billion, according to their findings.
The company calculated that the market cap is overstated by 48%, meaning that it should be roughly $6.9 billion. Messari found this by analyzing the circulating supply of XRP and estimating how much of it is liquid and subject to selling restrictions by the parent company of Ripple.
Out of all XRP’s circulating supply, 41 billion XRP, supposedly only has $19.2 billion coins can be described as illiquid. The company also recommended that the leading crypto indices, including CryptoCompare, Bloomberg-Galaxy, and Bitwise, recalculate XRP’s market cap accordingly.
Messari also stated that their analysis might not be precise due to the lack of data which Ripple did not share. Even though, they believe that it is mostly correct. The company’s founder, Ryan Selkis, also stated that Ripple was contacted and that they were given time to respond to the report before its publication.
However, Ripple did respond, claiming that the report contains some inaccurate assumptions. They stated that the market cap could be calculated by multiplying the number of XRPs (in total) by Ripple’s current price, which should put XRP market cap at $31 billion.
Indexing sites, such as Coinmarketcap, display the coin’s current market cap based only on the circulating supply. This puts XRP market cap at $13 billion.
In the meantime, Selkis and his family had been receiving threats. According to him, those threats made by XRP community members. He then asked Ripple CEO, Brad Garlinghouse, to condemn the threats before reporting to the local police.