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 63,479,317,555 XRP in circulation at $1.2934 each, which is $82.1B. Holding that supply still and putting Mantle's $1.65B in its place gives $0.02599183 per XRP.
XRP is already worth more than Mantle. Moving to the smaller cap would take XRP down to $0.02599183, which is 0.020x 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.
$0.02599183 per XRP. That is Mantle's current market capitalisation of $1.65B divided across the 63,479,317,555 XRP in circulation.
0.020x. XRP trades at $1.2934 today and Mantle's market cap is $1.65B against XRP's $82.1B.
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 $1.65B of market cap spread over more coins gives a lower price per coin. This uses the 63,479,317,555 XRP in circulation now.