Standard Chartered Says Spot XRP ETFs Could Push XRP to $12.50 by 2028
Standard Chartered analyst Geoffrey Kendrick projects XRP could reach $12.50 by 2028, arguing that growing regulatory clarity and the launch of spot XRP exchange-traded funds (ETFs) will unlock significant institutional demand. Kendrick forecasts as many as six XRP ETF products and $4–$8 billion in inflows within the first year, which he says could materially reprice XRP from its then-current level (~$2.06). The thesis rests on XRP’s real-world payments utility — speed, low fees and scalability — positioning it as a bridge asset for cross-border settlements and tokenized financial flows. Kendrick also suggests XRP might challenge Ethereum’s market cap in the 2026 bull cycle if ETF-driven institutional capital favors XRP as an infrastructure and ETF proxy. The report frames the $12.50 target as a structural outcome of widened capital access, easing regulatory headwinds, and increasing mainstream adoption rather than pure speculation.
Bullish
This forecast is bullish because it ties a concrete price target to institutional on-ramps (spot XRP ETFs), expected inflows ($4–$8B), and improving regulatory clarity — all factors that historically drive sustained price appreciation. ETF approvals in major markets have previously created multi-billion-dollar demand pools for crypto (for example, spot Bitcoin ETFs in 2021–2023 and subsequent BTC price rallies). Short-term impact: announcement and growing chatter around ETF approvals can trigger price spikes, higher volumes, and volatility as traders front-run inflows and adjust positions. Market makers and derivatives desks may see increased liquidity and tighter spreads, but also higher short-term gamma and margin activity. Long-term impact: if ETFs launch and capture meaningful institutional capital, XRP’s free-float market cap could expand materially, supporting a higher valuation multiple and less relative volatility as larger, longer-term holders accumulate. Risks: approval delays, adverse regulatory rulings, or failure of ETF uptake would negate the thesis and could be bearish. Additionally, comparisons to other chains (e.g., ETH) hinge on XRP’s actual adoption for settlement and continued legal/regulatory progress. Overall, the news increases bullish sentiment contingent on ETF approvals and inflows, while leaving room for significant short-term volatility.