Standard Chartered Slashes XRP Price Target by 65 Percent to $2.80
The British major bank has drastically revised downward its forecasts for XRP and other cryptocurrencies following the severe market correction in February.
British investment bank Standard Chartered has reduced its year-end target for XRP from $8 to just $2.80 – a decline of 65 percent. Geoffrey Kendrick, global head of digital assets research, attributed the adjustment to the recent market correction and announced further short-term declines for the entire crypto asset class.
The crypto market has experienced its most severe correction in nearly four years over recent weeks. Bitcoin lost 28 percent over the past month and temporarily dropped to $60,000 before recovering to approximately $70,000. XRP slid to $1.16 – its lowest level in 15 months – and is currently trading 59 percent below its all-time high from July.
Standard Chartered also adjusted its forecasts for other digital assets: Bitcoin was revised from $150,000 to $100,000, Ethereum from $7,000 to $4,000, and Solana from $250 to $135. Kendrick sees XRP developing in parallel with Ethereum and expects positive momentum from stablecoins and tokenized real-world assets. The CLARITY Act continues to be viewed as a potential price catalyst, though its passage has stalled.
Sources
- [1]btc-echo.de
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