HomeNewsBig Predictions: Ripple CEO Anticipates Crypto Market Doubling to $5 Trillion and...

Big Predictions: Ripple CEO Anticipates Crypto Market Doubling to $5 Trillion and Tripling XRP Price

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  • The upcoming bitcoin halving, expected to decrease the rate of new bitcoins, has historically led to price increases due to reduced supply.
  • Garlinghouse’s forecast aligns with industry optimism, supported by potential regulatory improvements and increased adoption, promising a market growth.

Brad Garlinghouse, who leads Ripple as its CEO, anticipates the cryptocurrency market’s value will escalate to $5 trillion by the end of 2024. He bases this expectation on the debut of the United States’ first spot bitcoin exchange-traded funds (ETFs) and a forthcoming bitcoin halving event. These particular events are foreseen to significantly contribute to the market’s expansion.

The bitcoin halving, scheduled to occur this month, will reduce the reward for mining new bitcoins, thereby decreasing the rate at which new bitcoins are introduced. This event is expected to affect bitcoin’s price positively, as previous halvings have led to price increases due to the reduced supply of new bitcoins.

“I’ve been around this industry for a long time, and I’ve seen these trends come and go,” Garlinghouse told CNBC. “I’m very optimistic. I think the macro trends, the big picture things like the ETFs, they’re driving for the first time real institutional money.”

Related: XRP’s Ripple Effect: Breaking Through Consolidation After Bitcoin Halving

Currently, the total value of the cryptocurrency market is approximately $2.6 trillion. If the market value doubles as Garlinghouse predicts, it would imply a total market value of about $5.2 trillion.

“The overall market cap of the crypto industry … is easily predicted to to double by the end of this year … [as it’s] impacted by all of these macro factors,” Garlinghouse said.

This increase would reflect the growing acceptance of cryptocurrencies in the mainstream financial sector and the rising interest from both private and institutional investors.

In addition to these factors, Garlinghouse has cited the potential for more favorable regulatory conditions in the United States as a factor that could further propel the market’s growth. With an election year underway, there is optimism that the new administration might implement policies more accommodating to the cryptocurrency industry. 

Read more: Ripple’s Stablecoin Launch: A Game-Changer for Conquering the $150 Billion Market and Boosting XRP Adoption?

Garlinghouse’s optimistic forecast is not isolated within the industry

This is particularly relevant given the regulatory challenges Ripple and other cryptocurrency firms have faced, underscoring the industry’s need for clearer regulatory guidelines.

Other experts, such as Marshall Beard from the cryptocurrency exchange Gemini, have also expressed expectations for significant growth in bitcoin’s value and the broader cryptocurrency market.

These predictions are supported by the potential for regulatory advancements, technological developments, and increased adoption, setting the stage for substantial growth in the cryptocurrency market.

The current price of Ripple (XRP-USD) is approximately $0.606442, showing an increase of $0.009615 or 1.61% from its last close. Today’s trading range is from $0.589404 to $0.606442

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628