CoinMarketCap Affirms That XRP’s Circulating Supply Data Is Directly Taken From Ripple’s Statistics
As we have recently reported, the XRP community has been attacking CoinMarketCap lately. The community claims that they are not calculating the price of Ripple’s XRP tokens right because they are not taking into account the ones that held in escrows.
Now, the saga had a new episode as CMC tweeted about the issue. According to the official Twitter profile of the company, the data from the circulating supply is reported directly from the stats of the Ripple network. The undistributed XRP is not even counted by Ripple in an interesting plot twist.
As Ripple never actually complained with CMC, even as its most ardent fans took to social media to get mad about the company’s actions, it was clear that Ripple simply did not care so much about the whole social media spat.
As XRP is created in a different way than Bitcoin, which is mined, not even the company counts unreleased tokens as valid. All the XRP tokens that ever existed were created by Ripple when the xRP ledger was formed. They are held in escrows because not all of them are in the market right now.
Looks like the claims, as they often are, were heavily exaggerated and CMC was completely honest about not manipulating the market. It was just another case of being getting angry and greedy in social media.
A good example of how deranged were some of the people can be seen in the mentions that the tweet received, which keep abusing the company after it has been proved that they were wrong.
One user, @ExArePee, affirmed that “we will never forget your manipulation” despite the fact that no manipulation happened and the other, “XRP Patriot”, called the company a “faZed (sic) out old tech, the MySpace of crypto”. While saddening to see people behaving this way on social media, no further harm was done.
Ripple’s Market Cap
According to the information divulged by CMC, XRP currently has a market cap of $14.094 billion USD with a circulating supply of $401.657 million. A huge disparity between the market cap and the circulating supply and even without counting the money on escrows.
The CTO of Ripple, David Schwartz, has affirmed that he does not have strong feeling either way, when he talked about the market cap. According to him, that is something that it is hard to figure out and how to be fair. He just complained that Ripple and XRP get penalized for being “too transparent”.