Ripple CEO Weighs In on Crypto Market Rally

Ripple CEO Brad Garlinghouse offered his insights during a fireside chat with CNBC’s Dan Murphy, commenting on the resilience of the cryptocurrency industry. 

Despite facing significant challenges, Garlinghouse pointed out the robust growth of the crypto market, which has seen a 20 to 30% increase this year. The Ripple boss has noted that the crypto market has managed to reach a valuation of approximately $1.3 to $1.4 trillion. 

His commentary comes at a pivotal time when the industry is navigating through "massive headwinds." Yet, it continues to show a promising upturn.

A win for bruised bulls

Bitcoin has marked a significant milestone, rallying past its pre-Terra crash levels, a recovery that has taken over 18 months. 

The leading cryptocurrency soared to nearly $38,000 on Thursday, the highest since May 2022, before the TerraUSD stablecoin debacle which triggered widespread failures across the crypto space. 

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Analysts from Bloomberg predict a 90% chance for a spot Bitcoin ETF by Jan. 10, showcasing a renewed optimism among investors. 

This long-awaited cryptocurrency rally rally shows signs of moving past the trauma of the last crash.

Meanwhile, Ethereum has topped the $2,000 mark due to BlackRock's ETF filing. 

Other notable cryptocurrencies like BNB, XRP, and Solana have also experienced significant gains, underscoring the market's overall bullish sentiment.

Taking a long view  

During a recent conversation at DC Fintech Week, Garlinghouse noted that XRP was also on a tear. 

However, he has no "magical window" to see what drives crypto prices. 

"If I had a magical window to see what drives crypto prices, I probably would quit this job and just go do that," he quipped. 

The Ripple boss further noted that he prefers to take a long view.