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Ripple CEO Makes Bold Prediction For Crypto Market – $5 Trillion In 2024

The Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse has boldly forecasted a transformative shift in the crypto industry, envisioning a $5 trillion market capitalization for cryptocurrencies in 2024. 

Ripple CEO Says Crypto Market Cap To Double By Year’s End

Appearing in a recent interview with CNBC, Garlinghouse made a shocking prediction, stating that he sees the entire market capitalization of the crypto industry surging to $5 trillion by the end of 2024. The significance of this prediction carries severe weight, not just because of the startling numbers but also due to its ambitious timeline. 

Since the concept of cryptocurrency was first introduced about 40 years ago and the inception of Bitcoin in 2009, the overall market capitalization of the industry has only been able to reach about $2.5 trillion. This massive growth in a dynamic industry has been fueled by the evolutionary changes that have significantly reshaped the fundamentals of the financial sector. 

A rise to $5 trillion, as Garlinghouse expects, will see the crypto industry’s market capitalization doubling in about nine months. This substantial increase in such a short period would spell a revolutionary shift in the industry, extending its dominance as one of the most lucrative and thriving markets in the world. 

Currently, according to CoinMarketCap, the global crypto market capitalization is estimated at $2.59 trillion, reflecting a 0.74% increase in the past 24 hours. The cumulative market volume has also grown to about $61.98 billion, with Bitcoin dominance recording more than 50% of the total cryptocurrency market. 

Key Factors To Fuel Market Cap Growth

During his interview, Garlinghouse revealed several crucial factors that could drive the crypto market capitalization to $5 trillion. The Ripple CEO disclosed that macro factors, including the Spot Bitcoin Exchange Traded Funds (ETFs) and the upcoming Bitcoin halving event, were prime catalysts for the market’s expansion. 

Expressing optimism about the crypto industry, the CEO shared insights from his years observing the market’s trends. He emphasized that the introduction of ETFs has been a major driver, attracting institutional investors globally and pushing substantial funds into the market. 

Additionally, Garlinghouse pointed out that due to these macro factors, the demand for cryptocurrencies is increasing while its supply is dwindling. He implied that this imbalance in supply and demand typically results in price appreciation, eventually having a positive impact on the overall market. 

The Ripple CEO has also stated that he expects more regulatory clarity within the crypto industry, particularly in the United States. He hinted at the possibility of a favourable change in crypto regulations following the country’s election and transition to a new administration.

Crypto total market cap chart from Tradingview.com

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7 Days Of Crypto: Key Events That You Should Keep An Eye On This Week

There are a couple of events to watch out for this week, as they could prove pivotal in determining the future trajectory of the crypto market. These events could provide some certainty to the market or cause investors to wait on the sidelines for more favorable market conditions. 

Events That Could Affect The Market This Week

Some Federal Reserve officials are scheduled to speak at different events this week. One of them is Governor Lisa Cook, who will give a lecture on March 25. Fed Chair Jerome Powell will also participate in a discussion at the Monetary Policy Conference on March 29. 

Their speeches are significant as they could provide valuable insights into the current state of the economy and what to expect from the Federal Reserve regarding interest rates in its fight against inflation. Macroeconomic factors like interest rates usually impact the crypto market and partly determine the sentiments among crypto traders.

The crypto market is usually bullish whenever the Federal Reserve adopts a dovish stance on whether or not to hike interest rates. Therefore, these officials sounding positive in their speeches could help boost investors’ confidence in the crypto market since they would be less worried about things on the macro side. 

Meanwhile, several economic data will be released this week, including the Consumer Confidence and Consumer Sentiment data and the Personal Consumption Expenditures (PCE) index. These releases offer insights into the economy’s strength and guide the Fed in deciding on future interest rate decisions. 

Crypto Needs A Big Win This Week

Stakeholders and investors in the industry will no doubt hope that the events lined up for this week will provide a momentum boost for the crypto market. Last week was one to forget as things cooled after weeks of seeing the flagship crypto, Bitcoin, and altcoins make significant runs. This downward trend is believed to have been due to some external factors.

One of them is the net outflows that the Spot Bitcoin ETFs recorded throughout last week, with many investors taking profits from the various funds. These Bitcoin ETFs had previously seen an impressive amount of inflows into them, which positively affected Bitcoin’s price. As such, a trend of outflows was also expected to influence Bitcoin’s price, although negatively. 

These Spot Bitcoin ETFs will again be in the spotlight this week, with the crypto community waiting to see if the sentiments among the ETF investors will change. A sustained trend of profit-taking this week could spark another decline in the crypto market. 

Crypto total market cap chart from Tradingview.com

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Crypto Analyst Predicts Crypto Market To Reach $23 Trillion, XRP Price To Cross $13

Crypto analyst Dark Defender has provided insight into how the XRP price could rise to $13. The analyst also suggested that the crypto token’s price could end up being way above that when other factors are considered. 

How XRP Will Rise To $13

In a post on his X (formerly Twitter) platform, Dark Defender stated that the XRP price could hit $13 when the total crypto market cap hits $23.24 trillion within a year. He noted how the crypto market has become more valuable year-on-year as it rose from $816 billion a year ago to around $1.6 trillion now. As such, he expects a “third wave” to happen with XRP’s rising with the tide. 

The analyst also hinted that there is the possibility that XRP could be higher than $13 as this price level will be achieved without considering its fundamentals. The fundamentals that he alluded to were regulatory clarity and XRP’s utility. XRP’s gaining legal clarity has been touted as one of its unique offerings and something that paints a bullish picture for the crypto token. 

Going by Dark Defender’s projections, the XRP price could also possibly have doubled from the $13 price level by 2027, as the analyst puts the total crypto market cap at $100 trillion by then. In a previous post, the analyst also raised the possibility of more institutional adoption of XRP, something which could also contribute to a significant rise in its price. 

XRP price chart from Tradingview.com (Ripple)

XRP Price Set To Enjoy From Bitcoin’s Surge

Bitcoin rose to as high as $47,000 as approval of the Spot Bitcoin ETFs looks imminent. Following BTC’s latest surge, crypto analyst CryptoInsightUK hinted that XRP could be next. He had previously laid out a bullish narrative for altcoins, including XRP, as he stated that they could post significant gains as traders cycle their profits into smaller market-cap tokens.   

Specifically, he noted that it could be time for XRP to shine as the crypto token is closer than ever to a move to the upside. Another reason why this move seems imminent is because the narrative in the crypto community is “awful” for XRP, the analyst remarked. As part of his 2024 predictions, CryptoInsightUk sees XRP rising to between $10 and $15 as BTC rises to $100,000.

He believes the rally in the next bull run will be something similar to the one that happened in 2017. Interestingly, the analyst had previously raised the possibility of XRP repeating a rally similar to the one in 2017 when it posted a 61,000% gain. 

At the time of writing, XRP is trading at around $0.5724, up over 2%, according to data from CoinMarketCap. 

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Top 5 Events That Shook Up The Crypto Industry In 2023

In the year 2023, the crypto industry witnessed a series of events that left a long-lasting impact on the crypto landscape. From the start of the Spot Bitcoin ETF mania to the increase in regulatory enforcement on major crypto organizations, 2023 was nothing short of a rollercoaster ride for crypto enthusiasts and institutional investors alike. So here are the top 5 events that shook the crypto industry to its core in 2023.

Blackrock Spot Bitcoin ETF Rocks Crypto

The world’s largest asset management company, BlackRock was the first major traditional investment firm to apply for a Spot Bitcoin Exchange Traded Fund (ETF). BlackRock submitted its application for a Spot Bitcoin ETF to the United States Securities and Exchange Commission (SEC) on June 15, 2023. 

Following the asset management firm’s application, various companies like Grayscale, Ark Invest, WisdomTree, VanEck, and others followed suit. Despite consistent approval delays by the US SEC, BlackRock utilized the time to revise its Spot Bitcoin ETF filing, incorporating cash redemptions to improve the fund’s approval odds. 

Sam Bankman-Fried Fraud Conviction

Founder and former CEO of failed crypto exchange, FTX, Sam Bankman-Fried was found guilty of all seven counts of fraud, conspiracy, and money laundering on November 2, 2023. 

The 31-year-old billionaire was convicted unanimously by the jury for misappropriating billions of dollars of customer funds and defrauding lenders to subsidiary company, Alameda Research. Bankman-Fried could potentially face a maximum of 115 years in prison. His sentencing date is scheduled for March 28, 2024. 

CZ Resignation From Binance Causes A Stir In Crypto Community

One of the most shocking events of 2023, saw the founder of Binance, Changpeng Zhao officially stepping down from his role as the CEO of Binance on November 21, 2023. 

The former Binance CEO pleaded guilty to breaking US anti-money laundering laws and resigned as part of a $4.3 billion settlement by the United States Department of Justice (DOJ).

CZ has also been restricted from leaving the United States until his court case is over as the court believes his vast resources make him a potential flight risk. And returning to Dubai which does not share an extradition treaty with the US could make things problematic.

Crypto total market cap chart from Tradingview.com (Crypto events)

XRP Ruling In SEC Case

Coming as a major victory in a three-year-long legal battle between Ripple and the SEC, US District Judge Analisa Torres ruled in favor of Ripple on July 13, 2023. The ruling declared that programmatic sales of XRP did not qualify as a security. 

This decision offered much-needed regulatory clarity for XRP, enabling the cryptocurrency to resume trading on major crypto exchanges that had delisted it during the SEC’s 2020 lawsuit.

Grayscale And Coinbase Rage Against The SEC

On August 29, 2023, world-leading crypto asset management company Grayscale won its lawsuit against the US SEC. The D.C. Circuit Court of Appeals gave a final ruling to the regulatory agency to terminate its rejection of the asset management’s Spot Bitcoin ETF application. 

On a similar note, Coinbase, one of the largest US crypto exchanges, filed a lawsuit against the SEC in April 2023 aiming to compel the regulator to provide regulatory clarity for the crypto industry. 

Subsequently, the SEC sued Coinbase on June 6, 2023, alleging that the crypto exchange had violated securities laws by operating as an unregistered broker. As a result, Coinbase formally requested the court to dismiss the SEC’s case against it. However, the case is still ongoing.

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Why This Bank CEO Wants 99% Of The Crypto Industry Gone

In a bold and contentious statement, Caitlin Long has asserted that 99% of the crypto industry should be eliminated to decrease leverage buildup and improve the industry’s future advancement.

Industry Overhaul Demanded For Sustainability

Caitlin Long, Founder and CEO of Custodia Bank, a crypto asset banking company, has called for a seismic change in the crypto industry and its practices. The CEO emphatically suggested that only 1% of the crypto industry should be allowed to operate while 99% of the industry should be destroyed and the majority of crypto firms in the industry “flushed out.”

In a heated interview with Bezinga, Long was adamant about her controversial views of the crypto industry, stating that the industry had enormous potential but was being set back significantly by crypto firms operating using highly leveraged trading activities. 

Long stated that she had an active discussion with a distinguished individual who shared her views and supported the notion that the majority of the industry needs to be purged for it to thrive.

“I had a debate with a prominent person. I said, ‘Look, 90% of this industry still needs to go away, and he said it’s 99%, and I think that’s right. I mean whether it’s 90% or 99%, you see the point, there’s still a bunch of crap that needs to be flushed out,” Long said.

Crypto total market cap chart from Tradingview.com

Long Compares Crypto Industry To 1999 Tech Stock Bubble

Caitlin Long has likened the current crypto industry to the tech stock bubble in 1999. Notably, the tech stock bubble which coincided with the growth of internet adoption, rose 800% in investments, attracting investors from prominent companies all over the world. After reaching its peak, the stock market crashed by 740%, leaving the majority of investors and companies bankrupt and shut down. 

Long compares this stock market crash to the crypto market crash in 2022 which saw Bitcoin falling by about 70% and major altcoins by 80% to 90%, resulting in the bankruptcy of major firms and investors. 

She also stated that the crypto industry would not succeed if it continues to amplify trading activities through leverage while allowing unregulated exchanges to operate. 

“It is in some ways a repeat of the tech stock bubble of 1999, just so much crap. And it will not succeed, and it needs to be flushed, but markets are flushing it,” Long stated. 

Long suggested that a lack of proper regulations on crypto exchanges is exacerbating the risks and challenges in the crypto space. Additionally, she revealed that she was in support of the US Securities and Exchange Commission’s (SEC) recent crackdown on crypto exchanges in the industry.

Nevertheless, the CEO has not proposed a total annihilation of the crypto industry, just a major portion of it. When asked about her views on the Bitcoin cryptocurrency, Long stated, “I don’t really care about the price. It is the least interesting aspect of this technology. I’m more interested in it as a technology.”