In a cryptocurrency market searching for the next breakout story, Standard Chartered has identified its candidate: XRP. The bank's analyst Geoffrey Kendrick projects Ripple's native token will reach $8 by the end of 2026—a forecast that implies more than 300% upside from current prices and would value XRP's circulating supply at nearly $450 billion.

The call represents the most bullish major bank forecast for XRP, coming at a time when the token has already staged a remarkable recovery from its regulatory nadir. With spot XRP ETFs attracting institutional capital and the SEC's enforcement posture softening, Kendrick argues the stars are aligning for a historic rally.

The Investment Thesis

Kendrick's $8 price target rests on several interconnected factors:

  • Regulatory Clarity: The SEC's decision to drop or settle enforcement actions against crypto companies, combined with the departure of Commission Gary Gensler, removes the existential overhang that depressed XRP for years. Under new Chair Paul Atkins, the SEC has signaled a more accommodating approach to digital assets.
  • ETF Adoption: Spot XRP ETFs launched in November 2025 have attracted $1.3 billion in just 50 trading days—the second-fastest billion-dollar accumulation for any crypto ETF after Bitcoin. This institutional demand provides persistent buying pressure.
  • Cross-Border Payments: Ripple's core business—facilitating international money transfers—continues expanding. The company's partnerships with financial institutions worldwide create real-world utility that distinguishes XRP from purely speculative tokens.
  • Market Positioning: XRP's current price of approximately $2 significantly undervalues the token relative to its utility and institutional adoption, according to Kendrick's analysis. The gap between intrinsic value and market price creates the opportunity for outsized returns.

"XRP is arguably the most undervalued major cryptocurrency. The legal uncertainty that suppressed its price for years is lifting, and institutional adoption through ETFs is accelerating. We see a path to $8 by year-end."

— Geoffrey Kendrick, Standard Chartered

The ETF Story

Perhaps no factor matters more to Kendrick's thesis than ETF adoption. When spot Bitcoin ETFs launched in January 2024, they catalyzed a rally that took BTC to new all-time highs. XRP ETFs are following a similar trajectory, but from a lower base.

The numbers tell the story: $1.3 billion in inflows over 50 trading days, with 43 consecutive days of positive flows and zero outflows. This relentless accumulation suggests institutional investors view current prices as attractive entry points.

The ETF structure also matters. By purchasing XRP through regulated ETF wrappers, institutional investors can gain exposure without the operational complexity of direct token custody. This accessibility expands the potential buyer base beyond crypto-native investors to include pension funds, family offices, and registered investment advisors.

Ripple's Business Reality

Unlike many cryptocurrencies that exist primarily as speculative instruments, XRP powers an actual business. Ripple Labs operates a payment network that processes billions of dollars in cross-border transactions, using XRP as a bridge currency to facilitate transfers between different fiat currencies.

This utility provides XRP with demand drivers that pure meme coins lack. As Ripple expands its partnership network and transaction volumes grow, the underlying demand for XRP increases independent of speculative activity.

Ripple recently confirmed it has no plans to pursue an IPO, preferring to remain private and fund growth internally. This decision removes a potential stock offering that could have competed with XRP for investor capital.

The Risks to Consider

Kendrick's bullish call comes with significant risks that investors should consider:

  • Regulatory Reversal: While the SEC has adopted a friendlier posture, regulatory approaches can change. A Democratic administration in 2028 could return to aggressive enforcement.
  • Competition: The cross-border payments market attracts intense competition from traditional players (SWIFT) and newer entrants. Ripple's market position is not guaranteed.
  • Macro Sensitivity: Cryptocurrency prices remain highly correlated with risk assets generally. A stock market correction or recession could drag XRP lower regardless of its fundamental merits.
  • Concentration Risk: Ripple Labs holds a substantial portion of total XRP supply. While these tokens are largely escrowed, their existence creates potential selling pressure that doesn't affect truly decentralized cryptocurrencies.

Alternative Views

Not all analysts share Kendrick's optimism. More conservative forecasts project XRP reaching $3-4 in 2026, implying meaningful but less dramatic upside. These analysts point to competition, execution risk, and the possibility that ETF demand could plateau after initial inflows.

Bears argue that XRP's utility hasn't translated into proportional price appreciation historically. Despite years of partnerships and transaction growth, XRP's price remained suppressed for much of 2022-2024. The recent rally may simply be mean reversion rather than the start of a structural re-rating.

The Technical Picture

From a technical analysis perspective, XRP faces key resistance levels that must be broken to achieve Kendrick's target. The token needs to clear $2.50, then $3.00, before the path to $8 opens.

Support levels around $1.80-2.00 have held during recent pullbacks, suggesting buyers are defending these prices. A break below this range could signal the rally is losing momentum.

Volume patterns will be crucial. Sustained high volume on up days, combined with declining volume on down days, would confirm institutional accumulation. The opposite pattern would suggest the rally is running out of buyers.

What $8 Would Mean

If Kendrick's forecast proves correct, XRP would become one of the largest cryptocurrencies by market capitalization, potentially challenging Ethereum for the number two position behind Bitcoin. Such a move would generate extraordinary returns for early ETF buyers and validate the thesis that regulatory clarity unlocks value.

For the broader crypto market, an XRP rally to $8 would demonstrate that tokens beyond Bitcoin and Ethereum can achieve mainstream institutional adoption. This precedent could benefit other "alt-coins" seeking legitimacy and capital inflows.

Whether Standard Chartered's bold call proves prescient or overly optimistic, XRP's trajectory in 2026 will offer important lessons about how regulatory clarity, institutional adoption, and fundamental utility interact to determine cryptocurrency values.