Standard Chartered is bullish on the prospects of XRP cryptocurrency. The firm predicts that XRP-USD will top $12.50 by 2029.
StanChart analyst Geoff Kendrick thinks that XRP’s gains will not fade. XRP traded at around $0.55 in 2024. It peaked at over $3.30 in January. Kendrick based his forecast on a change in SEC leadership. The favorable regulatory environment is a tailwind for XRP. In addition, it could benefit from an increase in cross-border payments volumes.
Risks
Traditional fintech firms like SoFi (SOFI) are on a downtrend. PayPal (PYPL), Square (XYZ), and Global Payments (GPN) are also trading below their 52-week high. XRP is currently a very small player when compared to those firms.
Opportunity
XRPL has a similar use case to stablecoins like Tether (USDT-USD). As a result, it could provide blockchain-enabled financial transactions. For now, however, the big banks will dominate in this space. Conservative investors who are skeptical of XRP should consider traditional bank firms instead. JPMorgan (JPM), Goldman Sachs (GS), Citigroup (C), Bank of America (BAC), and Wells Fargo (WFC) are the biggest names to watch.
Your Takeaway
StanChart’s overly bullish view on XRP will take four years to play out. XRP could dip back below $1.00 in the near term. Its volatility changes as sentiment shifts quickly. Use the weakness to consider XRP then.