- The XRP price witnessed a renewed selling pressure at $1.57 resistance, signaling a continued correction within the formation of falling channel pattern.
- Standard Chartered reduced its long-term XRP price forecast to $2.80 by the end of 2026.
- A momentum indicator at RSI at 42% suggests that the overall market sentiment remains bearish.
XRP, the native cryptocurrency of the XRP Ledger, witnessed low volatility trading on Monday, with 0.8% gain and trading value at $1.48. The short uptick came from modest capital rotation to the altcoin market, providing tailwind to XRP buyers. However, as the broader market trend remains weak British financial giant Standard Chartered has significantly reduced its year-end for by 65%. Will the altcoin plunge to $1 this year?
Standard Chartered Slashes Long-Term XRP Target From $8 to $2.80
Standard Chartered has significantly lowered its long-term price outlook for XRP, due to continued weakness in the cryptocurrency markets. The British bank now expects the token to trade at $2.80 by the end of 2026, which is a 65% cut from the $8 forecast it released in December.
Geoffrey Kendrick, head of digital assets research at the institution, explained the revision in a recent client note. He explained that the situation for digital assets is especially challenging at the time and signaled the possibility of further downward margins in the near term, with adjustments on several cryptocurrencies.
XRP has been hit by heavy selling since early January highs around $2.40 and lost around 39% to trade around $1.48-$1.49 recently. This pullout has reduced its market capitalization to about $90 billion.
The reassessment by the bank is not limited to XRP. It now forecasts Bitcoin to finish at $100,000 in 2026, from an earlier $150,000 forecast. Ethereum’s target has been reduced to $4,000, from $7,000, and Solana’s outlook has changed to $135, from $250.
The updates, initially highlighted by DL News represent a recalibration due to recent market dynamics, including lower institutional interest and broader sector volatility, which followed earlier optimism associated with regulatory developments and prospective product launches.
XRP Price Analysis Sell-the-Bounce Sentiment Among Traders
In the last two weeks, the XRP price showed a notable rebound from $1.13 low to current trading value of $1.47, accounting for a 33% gain. The upswing came as the broader crypto market entered a fresh relief rally following a major downturn since last month.
However, the crypto buyers faced an immediate wall at $1.57 level, shifting its near-term price trajectory to sideways. In the daily chart, a long-wick rejection candle at the aforementioned resistance indicates that a sell-the-bounced sentiment remains intact among market participants.
The 20-day exponential moving average offers an additional resistance at $1.57, while projecting the current trend remains strongly bearish.
If the overhead supply remains intact, the coin price could challenge near support levels at $1.34, $1.2 and the bottom trend of the channel pattern at $1 mark. The chart setup, characterized by two parallel trendlines as dynamic resistance and support, drives a mid-term downtrend in price.
Thus, a bullish breakout from the channel pattern is needed to exit the current correction.
Also Read: Crypto Funds Record $3.74B Outflows in 4 Weeks, XRP & Solana See Gains
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