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As 2023 draws to a close and a new year is around the corner, crypto payments firm Ripple Labs Inc. asked a few of its executives to weigh in on their thoughts for the coming season. This time around, Ripple’s president Monica Long was approached to give her crypto predictions for 2024.
Monica Long on Crypto Trends for 2024
Ripple’s president is confident that 2024 will be the end of the “speculative hype cycles” that have defined the booms and busts for the industry since Bitcoin’s (BTC) invention. She believes that this will be achieved before the next crypto “summer.”
“We as an industry will break the cycle by paving the foundation for real-world utility at scale, which entails solving for compliance, usability, and integration with existing systems. The biggest breakthrough in 2024 will be pioneering compliance for decentralized finance,” Long added.
Next, she discussed the subject of compliance and transparency, emphasizing the need for the crypto industry to adhere to regulations. The Ripple executive explained that this is imperative to protect investors and gain their trust again after the implosion of several cryptocurrency exchanges in 2022 including BlockFi, FTX, and Celsius Network.
Given this effort towards compliance, Long is looking to see the crypto sector build more innovative technologies that would cater to regulatory compliance. She hinted at a need for the industry to develop a tool kit designed to facilitate compliance in a decentralized ecosystem.
The integration of blockchain with traditional finance has been a key subject of discussion amongst top industry players, with banks fearing that crypto is here to throw them into extinction. However, Long clarified that “blockchain will not replace banks,” rather crypto will help improve the financial system.
Besides Monica Long, other Ripple leaders including CLO Stuart Alderoty have also given their projections for the coming year. Alderoty foresees an end to the Ripple versus SEC lawsuit, while also predicting the crypto ecosystem will welcome more interference from lawmakers in the US.
Ripple Labs Role in the Fintech World
XRP, the digital currency closely related to Ripple, is already making waves with respect to introducing new innovative technologies, especially due to its capacity to facilitate cross-border settlements.
Similarly, XRP Ledger (XRPL) is recognized for its high-end functionaries, making it one of the first choices for companies and governments intending to upscale their crypto projects.
The Republic of Palau recently moved to the next phase of its stablecoin development in conjunction with the XRPL. More utilities for these Ripple-based protocols are expected in 2024.
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