So a new scenario emerged for the whole community of Ripple and the founder for a crypto data startup Messari. Earlier this week, Messari estimates ‘market capitalization for XRP and claims that it has been overstated’ as much as 48 percent.
Ripple fights back
Messari’s latest finding reveals that ‘the combined value of all XRP tokens is significantly overstated’. Eventually, the report indicates, XRP’s second position is not what it supposed to be, it would otherwise be on the third spot after Bitcoin and Ethereum. If these theses believe to be true, the market cap of XRP would be $6.9billion.
Image source – coinmarketcap
🚨Exclusive report: We believe Ripple’s $XRP market cap is likely overstated by $6.1 billion based on inflated circulating supply numbers.
Read our summary and methodology: https://t.co/0zD5YUSTpV …
Newsletter subscribers can access the full report through that link.
— Messari (@MessariCrypto) January 24, 2019
However, there isn’t any response from Ripple’s executive on social media yet, but the source revealed that they reached out Coindesk team stating about the report’s inaccuracy. Nevertheless, the media states that a spokesperson from Ripple team reports ‘Messari’s research is an incorrect calculation of market capitalization’.
“Not only does this report contain several inaccurate assumptions around lockups and selling restrictions, but the entire report is also based on an incorrect calculation of market cap. While decentralized digital assets like XRP are different from traditional equities, the term ‘market cap’ is always a very simple calculation: current price X total number of the asset = market capitalization. That puts XRP’s current market cap at approximately $31 billion. We believe that any other calculation of market capitalization for XRP is not a clear representation of the truth.”
We’ve already Informed – Ryan Claims, Messari’s founder
Since XRP community is quite active on social media, the Messari’s report shared by its founder, Ryan Selkis captured the attention of major crypto indices and wider XRP enthusiasts. While Ripple’s spokesperson calls Messari’s statement as unrealistic, on the other hand, Ryan Selkis said that they’ve already reached Ripple’s team to verify the report. Having said this, there wasn’t any response to the report before it was published.
We emailed @ripple 4 times in 48 hours preceding publication of our research report, asking @MonicaLongSF and @CoryTV for comment and their help reviewing assumptions. We sent the entire report in advance, highlighting assumptions we needed clarity on.
They refused to respond.
— Ryan Selkis (@twobitidiot) January 24, 2019
XRP community didn’t considered Ryan’s claim to consult Ripple team before publishing but they blasts. Few call it FUD and few states it ‘corrupt’. Moreover, one among such follower adds that the report is more like the recent ‘Hostile Takeover Rumors’.
"When will media coverage of this industry mature?" – @bgarlinghouse
You don't seem to get that manipulating information just to benefit your own interests, will undeniably end up hurting the whole industry, this is, you'll end up hurting yourselves.https://t.co/zwcikbuNOG
— XRP Research Center (@XrpCenter) January 25, 2019
Threat Calls and Police Involvement
The war isn’t stopped yet, Ryan Selkis on Jan 24, 2019, angrily blasts at Ripple’s chair including Brad Garlinghouse (CEO), David Schwartz (CTO), Cory Johnson, Monica Long, Warren Paul Anderson. His tweet states that his family has been receiving threatening calls after he exposed MtGox and Ripple’s report. Consequently, he demands Ripple’s lead executive to denounce any XRP community threats against his family.
Someone just called me from a Nashville number and recited my wife’s birthday to me. Then hung up.@bgarlinghouse these are the type of animals you and your fucking company enable.
— Ryan Selkis (@twobitidiot) January 24, 2019
Ryan further adds that he will bring the case to the FBI and local police after three calls.
I want @Ripple @bgarlinghouse @MonicaLongSF @CoryTV @JoelKatz @warpaul to denounce any $xrp community threats against my family. I’m going to the fbi and local police after THREE calls. Ensuring our family doesn’t get swatted.
I’m not going home until it’s publicly stated.
— Ryan Selkis (@twobitidiot) January 25, 2019
While this report was quite interesting for Ethereum which would show it as the second largest cryptocurrency, on the other hand, it pitches a ‘shocking’ mark for Ripple officials and XRP community members at large’.
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com