Standard Chartered backs XRP to overtake Ethereum by 2028 as ETF approval, tokenisation, and institutional momentum drive explosive growth.

Global banking giant Standard Chartered has launched coverage on XRP, projecting a dramatic 500% price surge by the end of 2028. According to Geoffrey Kendrick, the bank’s Head of Digital Assets Research, XRP is expected to reach $12.50, overtaking Ethereum in market capitalisation to become the second-largest non-stablecoin cryptocurrency.

ETF Approval Could Be a Game-Changer

A major catalyst in Kendrick’s bullish outlook is the anticipated approval of a spot XRP ETF by the U.S. SEC in Q3 2025. This could unleash $4 billion to $8 billion in inflows within the first year alone, significantly boosting demand and liquidity.

XRP’s blockchain, the XRP Ledger (XRPL), is increasingly being viewed as a future backbone for global tokenisation and cross-border payments. Kendrick likened XRPL’s role to that of Stellar, currently the second-largest player in the tokenisation space. Ripple’s $1.25 billion acquisition of Hidden Road, a global prime brokerage firm, further strengthens XRP’s integration into traditional financial infrastructure.

Price Path to 2028

Standard Chartered forecasts the following price milestones for XRP:

• $5.50 by end-2025
  
• $8.00 in 2026
  
• $12.50 by 2028, holding through 2029
  

These projections align with a broader market view that places Bitcoin at $500,000 by 2028. Notably, XRP is expected to outperform BTC in inflation-adjusted returns (6% vs 0.8%), despite a relatively smaller developer base and low-fee model.

Legal Clarity and Market Momentum

With the SEC potentially dropping its appeal against Ripple, and a $50 million settlement on the horizon, regulatory clarity is further reinforcing XRP’s bullish case. Ripple CTO David Schwartz and CEO Brad Garlinghouse have both hailed recent developments as pivotal for XRP’s integration into mainstream finance.

From nano XRP futures on Coinbase to leveraged ETFs on NYSE Arca, XRP is entering a pivotal phase of institutional adoption, signalling a new era for the digital asset.