Standard Chartered Bank: XRP may surpass Ethereum by 2028! Three key drivers reveal potential.

While Bitcoin remains the leader in global Crypto Assets market capitalization, the second position has long been held by Ethereum (ETH). However, Standard Chartered analyst Geoff Kendrick recently made a bold prediction: Ripple (XRP) is expected to surpass Ethereum’s market capitalization by 2028. This view has sparked heated discussions in the market and has prompted investors to reassess XRP’s strategic position and growth potential in the global payments sector.

The Core Value of XRP: The “Bridge Currency” for Cross-Border Payments

Unlike Bitcoin (BTC), which aims to replace fiat currency, and Ethereum, which is dedicated to building a DeFi ecosystem, XRP’s positioning is highly focused - to become an efficient settlement tool for global cross-border payments.

Operating model: Enterprises exchange local currency for XRP, transfer instantly across borders via RippleNet, and then the receiving bank exchanges it for local currency.

Advantages:

Settlement time takes only a few seconds.

Transaction fees and foreign exchange costs have been significantly reduced.

No need to go through multiple intermediary banks, reducing capital occupation.

This model poses a challenge to traditional cross-border payments that rely on the SWIFT network, especially against the backdrop of inefficiencies in the global payments market and high fees.

Standard Chartered Bank’s Bullish Logic

Kendrick believes that in the coming years, three main factors could drive XRP’s market capitalization to quickly approach or even surpass Ethereum:

* Regulatory uncertainty diminishes

The legal dispute between Ripple and the U.S. SEC is gradually becoming clear, and market confidence is rebounding.

The improvement of the regulatory environment helps large financial institutions adopt RippleNet.

* XRP Spot ETF Potential

If the SEC approves the XRP ETF, it will attract a massive inflow of funds from both institutions and retail investors.

The liquidity and transparency of ETFs can further enhance the market acceptance of XRP.

* Ethereum Faces Competitive Pressure

Although ETH is the core of DeFi, high-performance public chains such as Solana and Cardano are siphoning off its market share.

The focused positioning of XRP (cross-border payments) has instead become an advantage, avoiding direct competition with multiple public chains.

Potential Risks and Challenges

Despite the promising outlook, Kendrick also reminds investors to be aware of the following risks:

Ripple adoption ≠ XRP adoption: Banks can use RippleNet infrastructure, but they are not necessarily using XRP as a settlement asset.

Competitive Threats: Stablecoins (such as USDC, USDT) and Central Bank Digital Currencies (CBDC) may become alternatives for cross-border payments.

Market capitalization foundation is high: As of August 2025, XRP market capitalization is about 181 billion USD, which is higher than payment giants like PayPal and Square.

XRP vs. Ethereum: market capitalization competition outlook

Conclusion

Standard Chartered’s prediction undoubtedly injects new market imagination into XRP. If RippleNet can gain wider adoption in the global payment market and combine with capital market tools such as ETFs, XRP’s market capitalization indeed has the opportunity to approach or even exceed Ethereum in the coming years.

However, investors still need to pay attention to regulatory developments and changes in the competitive landscape, as technological advantages and market positions in the crypto market can be rewritten in a short period of time.