Ripple CEO makes prediction on cryptocurrency market for 2024

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Key Facts: Garlinhouse is very optimistic and believes that the macroeconomy will benefit cryptocurrencies. XRP, so far, is one of the least favored cryptocurrencies by the bull market. Brad Garlinghouse, the CEO of Ripple, the company that issues the XRP cryptocurrency, is highly optimistic about the future of crypto assets. This is what he pointed out in an interview with the press last week. Due to factors such as macroeconomics, the halving of bitcoin (BTC) and the bitcoin exchange-traded funds (ETF) launched in the United States, expects the value of the cryptocurrency market to double by the end of 2024. Currently, the total capitalization of these assets is 2.5 trillion dollars (USD) as seen below.

Market capitalization of cryptocurrencies in circulation, including stablecoins and tokens. Source: CoinMarketCap. He elaborates that “big things like ETFs are driving real institutional money for the first time.” And it specifies that, at the same time, Supply is decreasing, which has driven the market higher. In addition, in two weeks the fourth bitcoin halving will occur, an event that reduces the issuance of the currency by half every four years. “You don't have to be an economics student to know what happens when supply contracts and demand expands,” comments the CEO of Ripple. Precisely, bitcoin has always reached a new all-time high price months after the halving, except for the current cycle in which it did so before. The currency was trading at $73,700 four weeks ago, its new record, which has boosted cryptocurrencies in general. In addition to this, Garlinghouse also emphasized that there are positive macroeconomic winds for the industry, with more clarity of regulation in the United States. In fact, Ripple witnessed this last year, winning a lawsuit filed by the SEC, the US securities regulator, which accused it of offering XRP as a security. “The United States remains the largest economy in the world and, unfortunately, has been one of the most hostile cryptocurrency markets. And I think that's going to start to change as well,» says Garlinhouse. This comment comes in a week in which Ripple announced that it will launch a stablecoin in late 2024.

Bullish expectations for bitcoin continue

The one who recently expressed his bullish expectations for this year, in addition to the CEO of Ripple, was Marshall Beard, director of operations of the American cryptocurrency exchange Gemini. “You're going to see wild moves up and down to that new all-time high, which I think is going to be $150,000,” he said of bitcoin. According to the Gemini manager, such a milestone is likely to occur this year driven by factors such as the supply shock and ETFs. These projections occur while some analysts foresee a time of consolidation or temporary decline in the market as investors take profits.