In a bullish prediction for the cryptocurrency industry, Ripple CEO Brad Garlinghouse recently shared his belief that the entire crypto market capitalization could double by the end of 2024. This optimistic outlook comes amidst a period of relative stability for the market, following a volatile start to the year.
Garlinghouse’s comments, made in a CNBC interview, cited several factors driving his bullish sentiment. A key driver, according to the CEO, is the long-awaited approval of the first spot Bitcoin exchange-traded fund (ETF) in the United States. This regulatory milestone is expected to attract significant institutional investment into the crypto space, further legitimizing the asset class. Additionally, the upcoming Bitcoin halving, scheduled for later this month, is another factor influencing Garlinghouse’s prediction. The halving, which cuts the number of new Bitcoins entering circulation in half, historically coincides with price increases due to reduced supply.
While Garlinghouse’s prediction applies broadly to the crypto market, it also has specific implications for Ripple’s native token, XRP. The price of XRP has been hovering around the $0.60 mark recently, struggling to regain momentum after a significant drop in late 2023. However, with the ongoing lawsuit between Ripple and the SEC nearing a potential resolution, and renewed optimism surrounding the crypto market, analysts believe XRP could be poised for a comeback.
The SEC’s lawsuit, which alleges XRP is an unregistered security, has cast a shadow over Ripple and its token for over two years. However, recent developments in the case, including arguments from Ripple’s legal team pointing out inconsistencies in the SEC’s claims, have instilled confidence in XRP holders. A favorable resolution to the lawsuit could significantly boost XRP’s price.
With positive developments on the regulatory and legal fronts, combined with the broader market upswing anticipated by Garlinghouse, 2024 could be a turning point for XRP. Whether the token reaches the $0.60 mark again remains to be seen, but the overall sentiment surrounding Ripple and its token appears to be shifting in a positive direction.