Standard Chartered has significantly reduced its year-end price target for XRP, cutting it by 65% to $2.80 from a previous forecast of $8. This adjustment follows a severe downturn in the crypto market, with Bitcoin dropping 28% over the past month and XRP falling to $1.16, its lowest in 15 months. The bank's global head of digital assets research, Geoffrey Kendrick, cited challenging market conditions and anticipates further declines across the asset class. The revised forecast is part of a broader adjustment by Standard Chartered, which also lowered its year-end targets for Bitcoin, Ethereum, and Solana. Despite the downturn, Kendrick noted potential benefits for XRP and Ethereum from the development of stablecoins and tokenized real-world assets. A potential catalyst for XRP's recovery could be the Clarity Act, a crypto market bill currently under consideration in the US Senate, which could provide regulatory clarity and support market recovery.