Ripple CEO Brad Garlinghouse has revised his prediction for the cryptocurrency market, now envisioning a potential $5 trillion market cap by the end of 2024. He has criticized the strict regulatory stance of the U.S. government and called for more innovation-friendly policies.
In a recent update from CNF, Garlinghouse remains committed to challenging the SEC’s regulations on XRP and plans to take the battle to the Supreme Court. Initially, he predicted that the cryptocurrency industry would reach a $5 trillion market cap. However, after reviewing the current market dynamics, he believes this estimate was too conservative. The crypto ecosystem, currently valued at around $2.5 trillion, is expected to double by 2024.
Garlinghouse credits several factors for this projected growth, as detailed in a CNF YouTube video. These factors include the upcoming Bitcoin halving and the introduction of spot Bitcoin ETFs, both of which are expected to significantly increase demand. Despite a temporary dip over the weekend, the market has seen a strong 60% growth since early 2024, with Bitcoin alone surging by 250%.
Garlinghouse remains optimistic about the market’s prospects. In a tweet, he emphasizes the need for a pro-innovation climate in the U.S., suggesting changes in SEC leadership and educating key policymakers like Elizabeth Warren on the realities of cryptocurrency.
Additionally, Ripple’s launch of a USD-backed stablecoin on XRPL and ETH platforms this year is a strategic move to strengthen the company’s position in the market.
Garlinghouse has expressed concerns about the U.S. administration’s approach to cryptocurrency regulation. He criticizes the current policies as overly restrictive and argues that they stifle innovation instead of fostering growth. These regulatory roadblocks pose challenges to the market’s potential growth, and Garlinghouse urges a shift towards more supportive policies.
Despite market fluctuations, Ripple (XRP) has shown resilience with a recent 2.02% increase in one day, despite a slight weekly decline. Currently, Ripple (XRP) trades at $0.5009, demonstrating a modest recovery after a 2.03% decrease over the past week.
In conclusion, as the cryptocurrency market aims for a potential $5 trillion valuation driven by significant events such as the Bitcoin halving, approval of spot Bitcoin ETFs, and potential regulatory advancements, the trajectory of Ripple (XRP) serves as a reflection of the broader market’s resilience and growth potential amid regulatory and economic challenges.