Brad Garlinghouse, the CEO of Ripple, has updated his forecast for 2024. Find out Brad's cryptocurrency forecast for the current year.
The CEO of Ripple has forecast how 2024 will be for cryptocurrency investors, even though XRP has been struggling due to the Ripple v. SEC litigation.
The biggest cryptocurrencies have been experiencing declines for about a week, and the cryptocurrency market is still down. Even if the market is down, investors' hopes are rising due to Brad Garlinghouse's cryptocurrency projection.
Let's talk about the Ripple CEO's predictions for the cryptocurrency industry in 2024 in this blog post.
Ripple CEO: The size of the cryptocurrency market will double
According to recent comments made by Ripple CEO Brad, the cryptocurrency market may quadruple in size and reach $5 trillion by the end of 2024.
Brad stated in a CNBC interview that,
Having worked in this field for a considerable amount of time, I have witnessed the ebb and flow of these trends. I have a lot of optimism. I believe that for the first time, actual institutional money is being driven by these macrotrends, the big-picture items like ETFs.
Brad cited the halving event and spot Bitcoin ETFs as the primary drivers behind this $5 trillion. which appears to be the consensus of many other analysts.
He went on to discuss how the market was seeing an increase in demand but not supply. Furthermore, according to Garlinghouse, everyone can comprehend what occurs when demand exceeds supply without having a degree in economics.
The Crypto Market is Dominated by Spot Exchange Traded Funds.
On January 10, the US SEC authorized the Spot Bitcoin ETF, allowing individuals and institutions to trade ETFs. The Bitcoin ETF quickly became popular and attracted a lot of investor interest, resulting in $484 in inflows.
Not only that, but other ETF choices are also pending SEC clearance. Based on the success of the Bitcoin ETF, investors are pleading with the SEC to approve the Ethereum ETF. Even though the Ethereum ETF results won't be known until May, a favorable conclusion is predicted. The expert thinks the market would flourish like never before if Spot Ethereum ETF is legalized.
Regarding the halving of Bitcoin, the previous three records have shown a protracted bull market, propelling the cryptocurrency sector to unprecedented heights. The Ripple CEO's forecast may come to pass if it occurs this year as well.
See Also: Elon Musk is being investigated in Brazil for contesting a court ruling
Analysis of Ripple Token (XRP) Prices
Even in the best performance of the cryptocurrency market, the price of XRP has dropped significantly over the past month. XRP is now trading at $0.5955 with a $32,781,821,568 trading volume as of this writing. Despite reaching a peak of $0.735 in mid-March, the price of XRP has dropped by more than 4% in only one month.
For XRP, the trading volume has increased even with this decline. It has increased by 20% and is currently valued at $1,033,038,597.
In summary
It is difficult to comprehend the Ripple CEO's comments given the position of the market. The Bitcoin ETF and the impending halving, however, are important elements that might raise the price of cryptocurrencies. It must wait and watch how the CEO of Ripple's prediction pans out.
See Also: "We Are Holding All The Cards," the founder of Cardano tells ADA critics.