• Garlinghouse revised his prediction, citing supply-demand dynamics for potential market doubling by year-end
• Ripple’s CEO criticized lag in U.S crypto rules

Bitcoin’S [BTC] halving is understandably clogging information cycle, with the anticipation connected to the occasion going via the roof over the previous few days and weeks. For sure, optimism is excessive too, with many anticipating Bitcoin and the remainder of the crypto-market to log new highs. Ripple Labs CEO Brad Garlinghouse isn’t any totally different, with the exec searching for to revise his earlier prediction of a $5 trillion market capitalization by the tip of the 12 months. 

In a latest interview with Fox Enterprise, Garlinghouse stated,  

“I think, I probably under-predicted that.” 

What’s driving the crypto-market? 

In justifying his earlier prediction, Ripple’s CEO make clear the elemental drivers of the crypto-market. He famous the affect of reducing provide as a consequence of occasions just like the halving, coupled with growing demand, particularly fueled by ETFs. 

He additionally highlighted the rising recognition of crypto as a useful asset class. In actual fact, reflecting on its present $2.5 trillion market capitalization, he hinted that his earlier forecast of $5 trillion by year-end might need been conservative.

“The market could potentially double by the end of the year.” 

This underscores the advanced interaction of things driving the market and the significance of contemplating each short-term fluctuations and long-term tendencies. 

Is the US curbing the crypto-market? 

Moreover, regardless of issues about potential limitations from the laws, Garlinghouse stays optimistic about Washington’s intentions in direction of crypto-regulations. He stated, 

“The United States has been one of the most problematic for the crypto-market.”

He added, 

“Dubai, Singapore even the UK and the EU have seen legislative progress. The U.S has really been ‘behind the 8 ball’ on crypto.” 

The exec believes the US is lagging behind different international locations when it comes to regulatory progress and constructive engagement with the crypto-market. In doing so, he additionally critiqued Senator Elizabeth Warren’s characterization of crypto customers as ‘bad actors.’

Moreover, he advocated that the U.S. ought to have “a pro-innovation” and “pro-compliance” cryptocurrency coverage, with the identical “not being a partisan issue.”

XRP’s future outlook 

Lastly, Ripple’s CEO shed some mild on the launch of a USD-backed stablecoin on XRPL and Ethereum,  

“Ripple has always been a bridge to this new world and the traditional world. People call it ‘trade-fi’.”

This demonstrates growing confidence amongst XRP customers, evident within the 2% hike seen in XRP’s worth proper earlier than Bitcoin’s halving. Traders stay optimistic about XRP’s trajectory, mirrored within the sustained excessive ranges of optimistic sentiment surrounding the cryptocurrency. 

Supply: Santiment