Gold just added $765 billion to its market cap in a single day; here’s how high XRP price could go if XRP saw a comparable rise in valuation.
Since dropping to a low of $3,928 per ounce (oz) on Nov. 4, gold (XAU) has recovered firmly above $4,000, posting four consecutive intraday gains. Gold’s recovery comes alongside a comparable rebound effort from crypto assets like XRP, but crypto’s push has been choppier.
Gold Adds $765B to Its Market Cap in a Single Day
Amid the 4-day run, gold saw an impressive 2.85% gain yesterday, on Nov. 10. This marked its largest single-day increase since May 6, when it rallied by 2.91% to reach $3,431. Interestingly, this recent 2.85% surge led to a massive increase in gold’s overall market, pushing it up by a whopping $750 billion.
For context, gold began Nov. 10 with a price of $4,005 per ounce. Meanwhile, according to the World Gold Council, the world’s above-ground gold reserves sit at 216,265 metric tonnes, which translates to 6.954 billion ounces.
Taking this into consideration, gold’s market cap at the beginning of Nov. 10 was $27.851 trillion with the $4,005 price. At the close of the day, the price per ounce had jumped to $4,115. Considering the above-ground supply of 6.954 billion ounces, this leads to a valuation of $28.616 trillion. Overall, gold’s market cap increased by $765.1 billion yesterday alone.
What if XRP Saw a Comparative Rise in Market Cap?
Notably, not even the entire crypto market, which currently sits at $3.48 trillion, has added even up to $500 billion within a single day. The highest the crypto market has done in the past few weeks is an increase of $203 billion on Oct. 12 amid a 5.57% rise that day.
Meanwhile, on the same day gold saw its meteoric market cap surge, XRP also witnessed an impressive run. Specifically, spiked 6.76% yesterday, outpacing gold. However, its market cap only rose by $9.6 billion to $151.82 billion. This is largely due to XRP’s lower valuation, which makes prices easier to push.
However, we recently considered the prospect of XRP ever seeing a $765 billion increase, whether in a year or across several years. For context, the largest annual growth XRP’s market cap has ever seen involved an $86.09 billion rise last year, buoyed by the upsurge in the fourth quarter.
With XRP currently boasting a market cap of $146.88 billion, if its valuation rose by $765 billion, the resulting market cap would be $911.88 billion. Considering XRP’s circulating supply of 60 billion tokens, a $911.88 billion valuation would translate to a price of $15.198 per token.
Interestingly, multiple market watchers have predicted a possible XRP rally to $15. In a recent report from The Crypto Basic, the host of the Working Money channel confirmed that market commentators Vincent Van Code, CryptoInsightUK, and EGRAG have all projected XRP to $15.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
