Isabella García
Standard Chartered Bank has officially initiated coverage on XRP, suggesting that the digital asset could experience a dramatic price rally in the coming years, potentially climbing over 500% to reach $12.50 by 2028. The bank’s outlook positions XRP as a major player in the crypto landscape, driven by its use in cross-border payments and asset tokenization.
In a detailed report shared with PRIME, Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, emphasized that XRP could eventually overtake Ethereum in market capitalization, becoming the second-largest non-stablecoin crypto asset by the end of 2028.
“XRP is set to benefit from regulatory clarity and growing utility across global payments and tokenized markets,” Kendrick noted, adding that current market volatility — especially tied to U.S. tariffs — will likely subside soon.
XRP’s Bullish Case: Regulation, ETF Hopes, and Real-World Utility
Kendrick outlined several key drivers for XRP’s long-term growth:
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Regulatory clarity: Following Ripple’s legal win against the U.S. Securities and Exchange Commission, Kendrick believes the SEC is unlikely to pursue further appeals, especially after the pro-crypto Trump administration took office.
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Spot ETF Approval: Kendrick expects the SEC to greenlight spot XRP ETFs by Q3 2025, with projected inflows ranging between $4 billion and $8 billion in the first year alone.
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Institutional use: XRP’s strength lies in its utility for cross-border and cross-currency payments, which Kendrick likens to the rise of stablecoins. He notes that stablecoin volumes have been growing at an annual rate of 50%, with a potential 10x growth over the next four years.
Tokenization & XRP Ledger (XRPL): A Growing Opportunity
Beyond payments, Ripple is expanding XRP’s role into the tokenization of real-world assets. The company has introduced tokenized U.S. Treasury products and launched its own USD-backed stablecoin (RLUSD).
Kendrick sees XRPL evolving into a major tokenization-focused blockchain, drawing comparisons with Stellar, which currently ranks as the second-largest player in the tokenized asset space.
“The XRP Ledger could become a dominant infrastructure for real-world asset issuance, thanks to its fast settlement and interoperability,” Kendrick added.
XRP Price Forecast Through 2029
Based on Standard Chartered’s projections and assuming Bitcoin reaches $500,000 by 2028, Kendrick outlined a detailed price trajectory for XRP:
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$5.50 by end of 2024
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$8.00 by 2026
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$12.50 by 2028, maintaining that level through 2029
Kendrick estimates XRP’s annual inflation-adjusted return at 6%, compared to 0.8% for Bitcoin, reinforcing XRP’s potential to retain purchasing power even in a high-inflation environment.
Risks Remain, but Momentum Builds
Despite the bullish outlook, Kendrick acknowledges some headwinds:
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XRP’s developer ecosystem remains smaller than that of competing blockchains.
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The low-fee model limits revenue capture for validators and builders.
Still, Kendrick believes these drawbacks are offset by regulatory wins, institutional adoption, and growing real-world use cases.
Kendrick Also Bullish on BTC and AVAX, Bearish on ETH
In addition to XRP, Kendrick remains confident in Bitcoin and Avalanche (AVAX). He maintains a $500,000 price target for BTC by 2028, and expects AVAX to reach $250 by the end of 2029 — more than a 10x return from current levels.
However, his stance on Ethereum is less optimistic. Last month, he slashed ETH’s 2025 price target by 60%, now projecting it to peak at just $4,000. Kendrick now refers to BTC and AVAX as “identified winners,” while labeling ETH as a “clear underperformer.”
