Could Ripple Be Worth $100 Billion? A Lawyer Thinks So
John E. Deaton, a lawyer well-known in crypto circles, has stirred things up again—this time by suggesting Ripple might be eyeing an IPO worth a staggering $100 billion. His reasoning? The recent public debut of Circle, the company behind USDC, which has set a pretty high bar for how crypto firms are valued these days.
Deaton isn’t just throwing numbers around, though. He’s comparing the two companies directly, and in his view, Ripple’s massive stash of XRP gives it a serious edge. Circle’s valuation, impressive as it is, might actually look modest if Ripple decides to go public.
Why Circle’s IPO Matters
Circle’s market performance has become a sort of benchmark. If a stablecoin issuer can pull off a multi-billion-dollar valuation, what does that mean for a company like Ripple, which sits on nearly 40 billion XRP? At today’s price of around $2.15 per token, that’s roughly $80 billion just in XRP holdings.
Deaton’s point is simple: if the market is willing to assign that kind of value to Circle, Ripple’s potential could be even higher. Of course, Ripple’s CEO Brad Garlinghouse has said there’s no rush to go public. But timing matters, and with crypto IPOs gaining traction, the idea isn’t as far-fetched as it might’ve seemed a year ago.
Ripple’s Strong Position—and the Market’s Mixed Signals
Ripple’s financials are undeniably strong. With XRP’s total market cap now over $116 billion, the company isn’t exactly scrambling for cash. That means an IPO would be more about strategy than necessity.
But the market itself is sending mixed signals. XRP’s price is up about 6% in the last day, but still down over the past week. Futures trading activity has been volatile—open interest skyrocketed late last year, peaking at over $7 billion before settling around $3.5 billion now. That’s still higher than pre-boom levels, so traders are clearly paying attention.
Technically, things look a little shaky. The RSI is hovering near oversold territory, which sometimes precedes a bounce. The MACD, though still in negative territory, shows weakening bearish momentum. In other words, the market might be setting up for a turnaround—or at least a pause in the recent slide.
What’s Next?
An IPO isn’t happening tomorrow, but Deaton’s argument makes you wonder. If Circle can command its current valuation, why not Ripple? The numbers add up, at least on paper.
Then again, crypto markets are unpredictable. Regulatory hurdles, market sentiment, even broader economic trends—any of these could throw a wrench in the works. For now, all we can do is watch the charts and wait.
