Brad Garlinghouse, the CEO of Ripple, has made a bold prediction regarding the future of the global cryptocurrency market, forecasting that it will reach an impressive $5 trillion. This optimistic outlook also extends to XRP, with Garlinghouse anticipating that the price per coin will soar beyond $1.02 as the market doubles from its current estimates.
During a recent appearance at Consensus, Garlinghouse shared his positive outlook on XRP and the overall crypto market. He highlighted various macroeconomic trends that support his projection, including increasing adoption, favorable regulatory environments for cryptocurrencies, and the growing popularity of crypto ETF products. Garlinghouse specifically praised Bitcoin for attracting over $50 billion in ETF investments, drawing comparisons to the success of the SPDR Gold Shares ETF listed on the New York Stock Exchange back in 2004.
Notably, Garlinghouse believes that XRP is well-positioned to emerge as a key player in the global crypto market, potentially capturing a significant market share. He even suggested that an XRP ETF could be introduced as early as 2025, pending the resolution of the ongoing Ripple v. SEC legal battle.
While the SEC’s approval is required for ETF products, it remains uncertain whether they would greenlight an XRP filing amidst the ongoing legal dispute over the token’s status. Despite this, Garlinghouse remains confident in Ripple’s ability to prevail in the case, a sentiment echoed by legal experts. With the legal battle nearing its conclusion, the CEO remains optimistic about the future growth of XRP and its ecosystem.
Currently, the global crypto market is valued at around $2.5 trillion, with Bitcoin dominating the market share. XRP, on the other hand, boasts a market cap of nearly $30 billion. As Bitcoin continues to lead the market, there is potential for XRP to challenge its position, especially if it doubles its price and reaches a market cap of $60 billion, with each coin trading at $1.02.
At present, XRP is trading at $0.5251, with some market analysts noting a consolidation phase driven by large investors. A potential price breakout could see XRP aiming for the $0.75 resistance level as its next major target.