Standard Chartered Slashes XRP Price Target 65% Amid Crypto Market Downturn

Standard Chartered, a British investment bank, has reduced its year-end price target for XRP to $2.80 from $8, a 65% cut due to February's cryptocurrency market downturn.

The bank expects additional near-term price declines across digital assets, including Bitcoin (BTC) and Ethereum (ETH).

Geoffrey Kendrick, Standard Chartered's global head of digital assets research, lowered forecasts for major cryptocurrencies, with BTC reduced to $100,000 from $150,000 and ETH to $4,000 from $7,000.

Kendrick warned that Bitcoin could test $50,000 before recovering later this year.