According to a new report presented by the Messari research centre, real market capitalization of Ripple’s XRP token is significantly lower than what the most popular resources show (ex. CoinMarketCap).
According to CoinMarketCap, the XRP capitalization is $ 13 billion and 41 billion XRP coins are in circulation. However, the Messari researchers claim that 19.2 billion XRPs can be illiquid or subject to “significant trade restrictions.” This includes, for example, at least 6.7 billion XRPs, which, in agreement with Ripple, is held by co-founder of the project, Jed McCaleb.
Also, analysts claim that 41 billion XRP include 5.9 billion tokens, which McCaleb has pledged to transfer to the non-profit organization RippleWorks, but so far the transaction was not completed. The report also mentions that 2.5 billion XRPs belong to RippleWorks and are bound by trade restrictions.
Additionally, the restrictions include 4.1 billion XRP, sold through XRP II, the cash operator Ripple.
Noting that the total amount of illiquid XRP tokens cannot be established without direct disclosure of data by Ripple, Messari concludes that the declared market capitalization of the asset is overestimated by at least $ 6 billion.