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Ripple's XRP
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The combined bitcoin, ethereum, XRP, solana, dogecoin and crypto market has more than doubled over the last year to almost $3 trillion, with traders bracing for a another China earthquake.
Now, as crypto halving data suggests the bitcoin price could be in for its biggest ever month, XRP developer Ripple's chief executive Brad Garlinghouse has predicted the crypto market could double again before the end of 2024.
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"The overall market cap of the crypto industry ... is easily predicted to to double by the end of this year ... [as it’s] impacted by all of these macro factors," Garlinghouse told CNBC, referring to a huge expected Fed flip, bitcoin's looming halving supply cut and a swell of positive U.S. regulatory momentum.
"One of the things actually I’ll say on the macro tailwinds for the industry: I think we will get more clarity in the United States," Garlinghouse said. "The U.S. is still the largest economy in the world, and it’s unfortunately been one of the more hostile crypto markets. And I think that’s going to start to change, also."
The U.S. Securities and Exchange Commission (SEC) remains locked in a long-running legal battle Ripple over the sale of XRP. This month, it was reported the SEC is seeking a $2 billion fine against the company though Garlinghouse has said he expects the settlement to be in the millions of dollars.
"I’ve been around this industry for a long time, and I’ve seen these trends come and go," Garlinghouse said. "I’m very optimistic. I think the macro trends, the big picture things like the ETFs, they’re driving for the first time real institutional money."
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The bitcoin price has already been boosted this year by the long-awaited debut of a fleet of Wall Street spot bitcoin exchange-traded funds (ETFs), which have amassed a huge amount of bitcoin as investors pour money into the funds.
Attention is now turning to bitcoin's next halving supply cut. Bitcoin's halving, its fourth such supply cut that will see the number of new bitcoin issued to so-called miners who maintain the network fall to 3.125 bitcoin from 6.25 currently, is scheduled for April 18.
"You’re seeing that drives demand, and at the same time demand is increasing, supply is decreasing,” Garlinghouse said. "That doesn’t take an economics major to tell you what happens when supply contracts and demand expands."
Last week. Ripple shocked the crypto market when it was announced it would be creating its own dollar-pegged stablecoin this year, expected to launch on the XRP ledger and the ethereum blockchain.