KEY POINTS
Ripple’s CEO, Brad Galinghouse, has predicted that the value of the crypto market will surpass $5 billion by the end of 2024. Speaking with CNBC, he mentioned that the macro crypto market scenario offers enough indications that this milestone is achievable.
Among the key drivers, the top Ripple executive mentioned the launch of a host of spot Bitcoin ETFs and their successful run so far in drawing institutional funds. Besides, he talked about one of the most significant upcoming events in the cryptocurrency world — the fourth Bitcoin halving.
These two factors have led the market to gain at least a trillion dollars in market cap over the past few months. As the momentum on both fronts is expected to continue, the broader cryptocurrency market will benefit. Galinghouse quantified the gains in market cap this calendar year to double from the current level.
Besides, he found a positive regulatory push in the US market that he expects to result in clear regulations. The US is the world’s number 1 economy, but it’s also one of the most crypto-hostile jurisdictions. However, 2024 is the year of the election, and hopeful candidates will likely promise to change this for the better in the next administration.
Ripple, which has been in a bitter legal battle with the SEC, received a significant reprieve in July 2023 when the court ruled that its native token, XRP, is not a security when sold to the general public.
More recently, crypto custody and settlement service provider Standard Custody & Trust Co announced that it has entered into an agreement with Ripple for its acquisition.
