Wednesday, June 19, 2024
HomeCryptocurrencyRipple CEO Recalls When XRP Was Second Most Valuable Cryptocurrency

Ripple CEO Recalls When XRP Was Second Most Valuable Cryptocurrency

In a recent interview shared on X by JackTheRippler (@RippleXrpie), Brad Garlinghouse, CEO of Ripple, shared his thoughts on the future of the cryptocurrency market and the potential of XRP.

Garlinghouse expressed his belief that the overall market capitalization of the cryptocurrency industry could reach $5 trillion by the end of 2024, more than doubling its current value of roughly $2.25 billion. He then transitioned to XRP’s position within the market, highlighting a specific period.

Brad Garlinghouse noted:

“Well, people forget. Before the SEC got involved and said that ETH is not a security XRP was the second most valuable digital asset.”

Garlinghouse emphasized the relatively short time frame since XRP held the number two spot. Referring to a speech by William Hinman, the former Director of the SEC’s Division of Corporation Finance, in June 2018, he places the timeframe at “a little less than 6 years ago.”

The lawsuit against Ripple, which began in December 2020, is another crucial factor that has hurt XRP’s growth. This lawsuit hurt XRP’s adoption in the U.S. and prevented the digital asset from reaching a new all-time high during the 2021 bull run.

However, the lawsuit is in the remedies phase and near its end. Both parties have filed all remedies briefs and are waiting for the final ruling from the judge.

XRP’s Potential in the 2024 Bull Run

While Garlinghouse’s prediction of a $5 trillion crypto market by year-end is optimistic, it reflects a broader sentiment within the industry. Many investors anticipate massive XRP surges following the end of the lawsuit, and the recently concluded Bitcoin halving can also play a major role in XRP’s future trajectory.

Despite recent underperformance, market participants are excited about the market’s short-term future and prominent analysts believe XRP can experience a historic rally.

The potential resolution of the SEC lawsuit could be a significant catalyst for XRP. Furthermore, the ongoing focus on Ripple’s core business – facilitating faster and cheaper cross-border payments – could position XRP as a valuable tool for financial institutions. Increased adoption of Ripple’s technology could translate to a rise in XRP’s demand and value.

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Garlinghouse’s comments offer an interesting perspective on the potential future of the cryptocurrency market and XRP’s role within it. While the path forward remains uncertain, several factors could contribute to a significant bull run in 2024. If the market favors XRP as many expect, it might reclaim its spot as the second largest cryptocurrency.


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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