Main navigation

XRP Now Almost Twice as Big as Coinbase by Capitalization: Details

Tue, 11/22/2022 - 15:19
article image
Gamza Khanzadaev
XRP beats Coinbase as another round of capitulation in crypto-related stocks kicks in
XRP Now Almost Twice as Big as Coinbase by Capitalization: Details
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

XRP is now worth nearly twice as much as Coinbase, one of the largest cryptocurrency exchanges. The paradox came about as a result of the exchange's record low share price, which dipped below $40.8 after another round of capitulation of crypto-related stocks. While Coinbase has a market capitalization of $9.6 billion now, XRP is valued at $18.65 billion.

Coinbase, which peaked at $76.9 billion, fell below $10 billion for the first time since its IPO. In addition to the overall negative sentiment on the crypto market, the COIN price is under additional pressure from rumors of the exchange's possible bankruptcy that emerged from the Grayscale story. The exchange itself has denied all such speculation.

Related
Coinbase (COIN) Stock Plunges to New Record Low

XRP price action

XRP, on the other hand, has shown a more positive trend in recent weeks after the FTX dip. At the end of the past week, its price was up 5.87% and even overtook Bitcoin in terms of momentum.

 

XRP to USD & BTC by CoinMarketCap

Globally, the XRP price continues to develop in the large bullish triangle formation seen here. While the environment around the cryptocurrency is rather neutral, the technical view of XRP's position offers more interesting prospects.

Thus the token, which was delisted from Coinbase two years ago at the request of the SEC, is now twice the market valuation of the exchange's business.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.