Arithmetic on today's supply, not a forecast. It assumes nothing about whether XRP could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. XRP has 62,980,903,065 XRP in circulation at $1.3654 each, which is $85.99B. Holding that supply still and putting Mantle's $1.83B in its place gives $0.02907542 per XRP.
XRP is already worth more than Mantle. Moving to the smaller cap would take XRP down to $0.02907542, which is 0.021x of what it trades at now.
Supply is held still, and in practice it moves: coins are minted, burned and unlocked, and every one of those changes the price a given market capitalisation implies. The figure also says nothing about whether the money exists to buy XRP at that level, which is the part that actually decides a price.
$0.02907542 per XRP. That is Mantle's current market capitalisation of $1.83B divided across the 62,980,903,065 XRP in circulation.
0.021x. XRP trades at $1.3654 today and Mantle's market cap is $1.83B against XRP's $85.99B.
No. It is one division: Mantle's market capitalisation spread over the supply of XRP that exists today. It assumes nothing about whether XRP could attract that much money, and it holds the supply still when in practice supply changes.
It sets it. Market cap is price times circulating supply, so the same $1.83B of market cap spread over more coins gives a lower price per coin. This uses the 62,980,903,065 XRP in circulation now.