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XRP Market Cap Could Be Overvalued By $6 Billion

26 january 2019, 23:47 by John Kiguru

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.

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