Ripple CEO Brad Garlinghouse forecasts the crypto market's value could once again double by the end of 2024. Garlinghouse's prediction comes at a time when the industry is riding a wave of positive momentum, including major institutional investments and a favorable shift in U.S. regulatory landscapes.
The bullish outlook also comes despite Ripple's ongoing legal tussle with the Securities and Exchange Commission (SEC) over its XRP sales.
Garlinghouse's optimism is partly fueled by broader industry trends, such as the successful launch of Bitcoin ETFs and the increasing institutional money flowing into the market for the first time.
Ripple announced last week its plan to launch its own dollar-pegged stablecoin within the year as it seeks to bridge various cryptocurrencies across the XRP ledger and the Ethereum blockchain.
The crypto market's surge has been monumental, with the collective value of major players like Bitcoin, Ethereum, XRP, Solana, and Dogecoin nearly doubling to approach the $3 trillion mark. This surge comes amidst trader speculation over Chinese asset managers’ interest in crypto ETFs and the anticipated supply squeeze resulting from the Bitcoin halving.
Bitcoin had already been setting new records, and specific segments of the cryptocurrency world, like meme coins and AI-themed tokens, had seen extraordinary profits. However, XRP had been conspicuously missing from the rally. Despite trailing behind the broader cryptocurrency market's explosive growth over the last year, Ripple's XRP has managed to notch a 20% increase.
The ongoing SEC lawsuit against Ripple, seeking a reported $2 billion fine over its XRP sales, casts a shadow over the company's ambitious projections. However, Garlinghouse remains confident, hinting at a settlement in the millions as he believes in the U.S. moving towards a more crypto-friendly regulatory framework.