XRP’s Reported Circulating Supply Rises 165 Million in One Week

The reported circulating supply of XRP (XRP) rose by 165,409,300 tokens between Nov. 1 and Nov. 8, increasing the base used to calculate its market capitalization at a given price.

Circulating supply stood at 63,351,197,653 XRP at the end of Nov. 1 UTC. By 6:59 p.m. ET (23:59 UTC) Nov. 8, it stood at 63,516,606,953 XRP.

XRP was priced at $1.1105 in the Nov. 8 snapshot, giving it a market capitalization of $70.53 billion. Market capitalization is calculated by multiplying a token’s price by its circulating supply. A change in either figure changes the resulting valuation.

Holding the Nov. 8 circulating supply constant, a hypothetical $5 price would imply a market capitalization of about $317.58 billion. At $10, the figure would be about $635.17 billion. At $100, it would be about $6.35 trillion.

The $100 price is about 90 times XRP’s Nov. 8 price, equivalent to an increase of approximately 8,905%. Separately, the $6.35 trillion implied market capitalization would be about 4.23 times the $1.50 trillion market capitalization of Bitcoin (BTC) in the same snapshot. The first comparison is between token prices; the second is between market capitalizations.

The calculation holds circulating supply at its Nov. 8 level. Using a different supply figure would change the implied market capitalization at each hypothetical price. The $100 figure is a valuation scenario, not a price observed in the snapshot or a new forecast.

The XRP Ledger began with 100 billion XRP, and no more can be created. The $6.35 trillion calculation uses the smaller circulating supply, rather than the full amount created. Ripple held 36,809,481,946 XRP, including 31.7 billion in escrow, as of Sept. 30; those company holdings are a different measure from circulating supply.

An earlier XRP $100 price call addressed the target, while a separate XRP valuation scenario applied price and supply to a $210 target. Market capitalization measures the value implied by a quoted price and circulating supply. The hypothetical $6.35 trillion figure does not mean that amount of money would need to flow into XRP.