Ripple declined by about 1% in the past 24 hours, trading at approximately $1.35 in the cryptocurrency market despite a broader market decline. XRP dropped as the market reacted to Standard Chartered slashing its 65% target price for the altcoin amid increasing institutional adoption and utility expansions. On Sunday, XRP’s price hovered around $1.35, with a notable 14% decrease in trading volume, which amounted to about $1.4 billion. This price movement has kept XRP’s market capitalisation at $82.62 billion.
From a technical standpoint, XRP is currently trading below all key moving averages: the 50-day at $1.57 and the 200-day at $2.22, indicating a bearish trend. According to technical analysts, the immediate pivot point stands at $1.36. Analysts suggest that if Bitcoin finds support and reclaims the $68,200 mark, XRP could attempt to regain levels between $1.38 and $1.40. Conversely, crypto analysts said if XRP breaks below its recent trading range, it may test longer-term support near the 200-day exponential moving average at $2.01.
XRP’s price drop can be attributed to a general de-risking in the crypto market rather than a specific issue with the coin itself. While the technical indicators are weak, the absence of specific selling catalysts for XRP provides some context. Interestingly, XRP futures trading volume on BitMEX surged by 1,185% over 24 hours, reaching approximately $17.06 million. This surge indicates significant repositioning by derivatives traders, occurring as XRP’s price fell amid broader market weaknesses and a strong U.S. dollar.
Looking ahead, the market anticipates a potential rally in response to the UK’s latest regulatory achievements. Ripple recently celebrated the acquisition of an Electronic Money Institution (EMI) license and crypto asset registration from the UK’s Financial Conduct Authority (FCA) on January 9, along with securing an EU EMI license. Cassie Craddock stated that these milestones signify “the bridge between TradFi and DeFi is officially open,” enabling the expansion of payment services. This development is bullish for XRP, as the licenses provide regulatory clarity and legitimacy, allowing Ripple to expand its cross-border payment platform and utilise XRP for settlement with more banks and financial institutions across Europe.
Standard Chartered has significantly reduced its XRP price forecast for the end of 2026 by 65%. The British investment bank, which previously aimed for an ambitious price target of $8, has now revised this figure down to $2.80. This marks the largest downward adjustment among its digital asset forecasts. Geoffrey Kendrick, the bank’s head of digital asset research, noted that while the near-term outlook for XRP remains challenging, the bank maintains a positive long-term view of XRP’s role in the global financial ecosystem, particularly regarding stablecoins and tokenised real-world assets.
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