With the end of 2023 in sight and a new year just around the corner, crypto payments company Ripple Labs Inc has asked some of its executives to share their insights on the approaching year. On this occasion, Monica Long, president of Ripple, was approached to share her predictions for the crypto world in 2024.
Monica Long looks ahead to crypto trends in 2024
The Ripple president predicts that 2024 will mark the end of the "speculative hype cycles" that have affected the crypto industry since the rise of Bitcoin (BTC). She believes this will occur before the next crypto "summer".
Long emphasises the need for the industry to break the cycle by focusing on scalable real-world usability, with a special focus on compliance, usability and integration with existing systems. Her prediction is that the biggest breakthrough in 2024 will be in the area of compliance for decentralised finance.
She further highlights the importance of compliance and transparency in the crypto industry, with the aim of protecting investors and restoring their confidence after the collapse of several cryptocurrency exchanges in 2022. Long looks forward to innovative technologies that focus on regulatory compliance and hints at developing a toolkit for compliance in a decentralised ecosystem.
As for the integration of blockchain with traditional finance, Long stresses that "blockchain will not replace banks", but rather help improve the financial system.
Other Ripple leaders, including CLO Stuart Alderoty, have also made predictions for the year ahead. Alderoty foresees an end to Ripple's lawsuit against the SEC and predicts more involvement of US lawmakers in the crypto ecosystem.
Ripple Labs' role in the Fintech world
XRP, the digital currency closely associated with Ripple, is already making waves in terms of introducing new innovative technologies, particularly because of its ability to facilitate cross-border settlements.
Similarly, XRP Ledger (XRPL) is known for its high-quality functionalities, making it one of the first choices for companies and governments looking to scale up their crypto projects.
The Republic of Palau recently moved to the next phase of developing its stablecoin in partnership with XRPL. More utilities for these Ripple-based protocols are expected in 2024.