Why is XRP seeing a monster rally when Ripple is worth just $3B on the secondary

[Tnoy30]

Ripple is reportedly trading at a $2 to $3 billion valuation but its XRP holdings are worth around $70 billion.
The equity of Ripple, the company that builds the infrastructure around XRP — the digital asset used by networks like RippleNet to process cross-border payments — is reportedly trading at $2 to $3 billion in the secondary market.

Yet, the XRP holdings of Ripple, are reportedly worth $70 billion, which is many times higher than the valuation of the firm's equity.

Source: Why is XRP seeing a monster rally when Ripple is worth just $3B on the secondary market?