Ripples CEO With a Very Bullish Prediction for 2024
TL;DR
- Brad Garlinghouse forecasts the crypto market value could double this year, buoyed by pivotal events like the USs first spot BTC ETF and the Bitcoin halving.
- XRPs performance remains subdued amid Ripples ongoing legal fight with the SEC, with the outcome likely to significantly influence the assets price volatility and future market dynamics.
Garlinghouses Prediction
The cryptocurrency sector has been booming since the beginning of the year, with Bitcoin (BTC) reaching a new all-time high of over $73,500 last month. Currently, the primary digital asset trades at more than $72,000, while the global crypto market capitalization stands at $2.8 trillion (per CoinGeckos data).
Many industry participants believe the bull run is just starting, envisioning new substantial peaks in the near future. One example is the CEO of Ripple Brad Garlinghouse.
He expects the entire value of the crypto market to double this year fueled by essential events like the introduction of the first spot BTC ETF in the US and the upcoming Bitcoin halving.
Ive been around this industry for a long time, and Ive seen these trends come and go. Im very optimistic. I think the macro trends, the big picture things like the ETFs, theyre driving for the first time real institutional money, Ripples boss said.
The BTC halving is scheduled to take place by the end of next week. It is an event that trims the reward distributed to miners for validating new blocks on the blockchain, thus reducing the temp of creating new coins. Limited supply combined with rising (or at least not decreasing) demand leads to soaring prices (according to the fundamentals of economics).
Youre seeing that drives demand, and at the same time, demand is increasing, supply is decreasing. That doesnt take an economics major to tell you what happens when supply contracts and demand expands, Garlinghouse argued.
Historically, each halving (the event occurs roughly every four years) has been followed by a massive bull run for Bitcoin and the crypto market. The approaching halving, though, is somewhat different since the resurgence started months before the expected slashing of the miners rewards.
Some have argued this could lead to even more substantial gains in the following months. Those willing to learn more about the highly-anticipated event can take a look at our dedicated video below:
XRP Price Outlook
While most leading cryptocurrencies have been rallying impressively as of late, Ripples XRP seems to be still catching up with the pack. Its price currently hovers the $0.60 mark, meaning a 2% decline on a monthly scale.
Many believe XRPs value will experience enhanced volatility after the legal spat between Ripple and the US Securities and Exchange Commission (SEC) gets resolved. A decisive win for the company could result in a bull run for the asset, while the opposite scenario may hamper the industrys advancement and lead to the implementation of stringent rules.
The trial between the parties is set for April 23. Some may argue that Ripple enters it with the upper hand since it secured three vital (yet partial) court victories throughout 2023.
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