- Garlinghouse revised his forecast, citing supply and demand dynamics that could see the market double by the end of the year.
- Ripple CEO criticizes delay in US cryptocurrency regulation
Bitcoin’s [BTC] The halving has understandably stalled the news cycle, and expectations for this event have been building over the past few days and weeks. Needless to say, optimism is high, with many expecting Bitcoin and other crypto markets to hit new highs. Ripple Labs CEO Brad Garlinghouse is no exception, as the executive is revising his previous prediction of a $5 trillion market cap by the end of the year.
recently interview Garlinghouse of Fox Business said:
“I think I probably underestimated it.”
What drives the cryptocurrency market?
Ripple’s CEO highlighted the fundamental drivers of the crypto market to justify his previous predictions. He specifically pointed to the impact of reduced supply from events such as halvings, coupled with increased demand from ETFs.
He also highlighted the growing recognition that cryptocurrencies are a valuable asset class. In fact, he hinted that his previous forecast of $5 trillion by the end of the year may have been conservative given the current market cap of $2.5 trillion.
“The market could double by the end of the year.”
This highlights the complex interplay of market drivers and the importance of considering both short-term fluctuations and long-term trends.
Is the US suppressing the virtual currency market?
Moreover, despite concerns about the bill’s potential hurdles, Garlinghouse remains optimistic about Washington’s intentions for cryptocurrency regulation. He said,
“The United States is one of the countries with the most problems for the crypto market.”
he added,
“We’re seeing legislative progress in Dubai, Singapore, even the UK and the EU. The US is really ‘8 ball behind’ when it comes to cryptocurrencies.”
The executive believes the U.S. lags behind other countries in terms of regulatory progress and constructive engagement with the crypto market. At that time, he also criticized: Senator Elizabeth Warren has described crypto users as “villains.”
He further argued that the United States should have a crypto policy that is “innovation-focused” and “compliance-focused,” and similarly “not a partisan issue.”
Future outlook for XRP
Finally, Ripple’s CEO Stablecoin backed by USD About XRPL and Ethereum,
“Ripple has always been the bridge between this new world and the traditional world. People call it ‘Tradeify’.”
This shows that confidence among XRP users is increasing, as evidenced by the 2% increase in XRP’s value just before the Bitcoin halving. Investors remain optimistic about XRP’s trajectory, which is reflected in the sustained high level of positive sentiment surrounding the cryptocurrency.
Source: Santiment
