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The market capitalization of the XRP token of the Ripple distributed ledger technology company could be overvalued up to $ 6 billion, according to a recent report from cryptosystem company Messari.
Prior to the publication of Ripple's report for the fourth quarter of 2018, Messari had studied the "health and legitimacy" of XRP's market capitalization using data from cryptocurrency exchanges and data services. third-party cryptocurrency.
The report said XRP's liquid circulation offer could be overestimated by 48%, bringing the "real" market capitalization to $ 6.9 billion, instead of the current $ 13 billion released by CoinMarketCap. Messari states that:
"In addition to the 59 billion XRP held in the balance sheet of Ripple …, there could be significant and persistent selling pressure in the XRP market, depending on the length and structure of the sales restrictions imposed on Ripple's partners, a foundation affiliated with Ripple and co-founders of Ripple, all of which appear to have negotiated rate caps for XRP-based volume trading. "
Messari notes that the outstanding estimates could include illiquid positions such as XRP 5.9 billion that were promised to the RippleWorks non-profit foundation by Ripple co-founder Chris Larsen in addition to the XRP 2.5 billion. owned by RippleWorks, which would apparently be under sale restriction.
Messari also believes that XRP 4.1 billion sold by XRP II, Ripple's money services business, could be subject to resale restrictions.
The report states that accurate estimates can not be made without a disclosure by Ripple, which it did not receive at the time of publication. Messari also states that Ripple did not disclose the methodology or data on the reference exchanges used to calculate the XRP trading volume.
In its fourth quarter report released by Ripple on January 24, the company noted a decrease in token sales of $ 163 million in Q3 2018 to $ 129 million in Q4 2018.
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