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.