Market-Wide Recovery After Trump's 90-Day Pause in Tariffs

XRP price pumped up to 18%, from $1.77 to $2.09 in the last 24 hours heading to Thursday morning (UTC).

President Donald Trump's 90-day pause on new tariffs brought a wave of recovery to the cryptocurrency market, pushing XRP price up by 18% in the past 24 hours.

As of Thursday, 7, 08:09 ET, XRP price traded at $2.09, showing a 17.98% increase in the last 24 hours.

This move follows the broader market recovery, driven by Trump's decision to delay the implementation of new tariffs. The president's decision comes amid mounting pressure to mitigate the economic downturn and the threat of a looming recession.

The administration had planned to impose a 25% tariff on new goods from China, aiming for a reciprocal 125% duty on 125 commodities including coffee, sugar, and bananas. However, Trump's latest move will see a 90-day reprieve on new tariffs, except for those on China, which remain at 125%.

Tech stocks, which had largely traded in the red over the past few weeks amid global trade tensions, also turned green following Trump's announcement.

As a result of Wednesday's developments, key stock indices in the US logged significant gains. Nasdaq futures closed in the green at 12.16%, S&P 500 futures concluded the day at 9.52%, while Dow Jones futures capped at 7.87%.

In addition, the Crypto Fear & Greed Index improved from an "Extreme Fear" level with an 18 rating yesterday to "Fear" at 39 today. This indicates that investors remain cautious about the market despite the recent relief.

The market will be closely watching for the repercussions of Trump's move, including China's response and the upcoming US Consumer Price Index (CPI) report.

Moreover, Goldman Sachs' reversion to its non-recession forecast after Trump's latest proclamation is sparking a flicker of optimism in the market.

The investment bank's chief economist, Jan Hatzius, had notably gone from forecasting a 65% probability for a recession in the next 12 months to 45%. While the odds are still alarming, it's a considerable improvement.

Standard Chartered Bets on XRP Price Going Over $12

Interestingly, Standard Chartered's head of digital assets research, Geoffrey Kendrick, shared his prediction for XRP price in his latest note, which was viewed by TokenPost.

In his statement cited by CoinDesk, Kendrick claimed that the token could reach up to $12.50 by 2028. Along the way, he sees XRP price tapping $5.50 by year-end, $8 by 2026, and $10.40 by 2027.

Kendrick's assessment is based on the growing utility of the token, particularly in cross-border and cross-currency payments.

"XRP is uniquely positioned at the heart of one of the fastest-growing use cases for digital assets – facilitation of cross-border and cross-currency payments,” Kendrick wrote. “XRPL (XRP Ledger) is similar to the main use case for stablecoins such as Tether (USDT): blockchain-enabled financial transactions that have traditionally been done through traditional financial (TradFi) institutions.”

Kendrick's outlook translates to a 525% growth from XRP's current price of $2 this Thursday morning.