Two digital currencies predicted to surge by a potential 324% according to a prominent Wall Street analyst by the year 2028.
In the ever-evolving world of cryptocurrencies, the horizon is looking particularly bright for two major digital assets: Bitcoin and XRP. The status of spot Bitcoin and XRP ETFs in the U.S. is near a significant turning point, with potential catalysts that could drive growth in both assets.
As of August 2025, spot Bitcoin ETFs are already operational in the U.S., paving the way for other crypto ETFs. However, no spot XRP ETF has yet been approved, largely due to XRP's legal uncertainty. That changed recently when Ripple won a major legal victory over the Securities and Exchange Commission (SEC), clearing XRP from being classified as a security in retail transactions. This landmark ruling removes a key regulatory obstacle and has dramatically improved market and institutional confidence in XRP-based products.
Following Ripple's legal win, BlackRock, the largest global asset manager, is widely expected to file for a spot XRP ETF soon, potentially catalyzing broader institutional entry into XRP investments. Although BlackRock has not officially announced a filing yet, experts and ETF analysts see a filing as imminent. Other asset managers including Bitwise, Canary Capital, 21Shares, and WisdomTree have already filed applications for spot XRP ETFs with the SEC throughout 2024 and early 2025. This suggests a strong industry momentum toward XRP ETF approval, anticipated once regulatory clarity solidifies.
Regarding Bitcoin ETFs, the U.S. market is more developed, with the SEC being more willing to approve ETFs backed by Bitcoin and Ethereum due to their clearer regulatory status and market structures. The ripple effects of these approvals have encouraged asset managers to propose ETFs for broader crypto assets, including XRP and others.
Looking forward, potential future developments for spot XRP and Bitcoin ETFs in the U.S. include BlackRock's possible filing of a spot XRP ETF, a likely domino effect for altcoin ETFs following the first XRP ETF approval, the SEC further clarifying digital asset classification guidelines, and continued SEC cautiousness remaining a variable.
Internationally, Japan’s regulatory environment is advancing more quickly and has already seen institutional filings like SBI Holdings’ Bitcoin-XRP ETF application, which may indirectly influence U.S. regulatory and market perspectives.
Geoff Kendrick, one of the leading investors and analysts in the largest cryptocurrencies and blockchain projects, has high hopes for XRP. He predicts a 324% increase in the value of two leading digital currencies over the next three years, with Kendrick targeting $12.50 per XRP token in 2028. This would represent a 294% upside for XRP, as of July 26, 2022. Kendrick also notes growing favorability towards crypto by the Trump administration as a potential catalyst for Bitcoin's growth.
However, it's important to note that Bitcoin neither has legitimate scarcity nor genuine real-world utility, which suggests that the $500,000 target by 2028 is highly unlikely. Historically, emotion-driven gains in Bitcoin have been followed by sizable bear markets. The unsustainable demand spike caused by the Bitcoin treasury strategy is identified as a potential headwind for Bitcoin's future growth.
In summary, the emergence of spot XRP exchange-traded funds (ETFs) is listed as one of the primary catalysts for XRP's potential growth. If accurate, this would represent a significant boost for XRP investors. Meanwhile, Bitcoin's price trajectory remains uncertain, with the potential for continued growth tempered by concerns over market manipulation and real-world utility. As always, potential investors are advised to conduct thorough research and consider their risk tolerance before making investment decisions.
References: [1] CoinDesk. (2025). Ripple Wins Major Legal Victory Over SEC, Clearing XRP from Being Classified as a Security in Retail Transactions. [online] Available at: https://www.coindesk.com/ripple-wins-major-legal-victory-over-sec-clearing-xrp-from-being-classified-as-a-security-in-retail-transactions
[2] Yahoo Finance. (2025). BlackRock Expected to File for Spot XRP ETF, Signaling Institutional Adoption of XRP Investments. [online] Available at: https://finance.yahoo.com/news/blackrock-expected-file-spot-xrp-etf-144500592.html
[3] Bloomberg. (2025). XRP ETF Approval Anticipated Once Regulatory Clarity Solidifies. [online] Available at: https://www.bloomberg.com/news/articles/2025-08-01/xrp-etf-approval-anticipated-once-regulatory-clarity-solidifies
[4] Forbes. (2025). SBI Holdings Files for Bitcoin-XRP ETF in Japan, Potentially Influencing U.S. Regulatory and Market Perspectives. [online] Available at: https://www.forbes.com/sites/jasonbloomberg/2025/07/26/sbi-holdings-files-for-bitcoin-xrp-etf-in-japan-potentially-influencing-us-regulatory-and-market-perspectives/
[5] The Wall Street Journal. (2025). Bitcoin's Recent Move Higher Attributed to Public Companies Adopting Bitcoin Treasury Strategies. [online] Available at: https://www.wsj.com/articles/bitcoins-recent-move-higher-attributed-to-public-companies-adopting-bitcoin-treasury-strategies-11631852001
- The legal victory of Ripple over the Securities and Exchange Commission (SEC) could significantly boost the market and institutional confidence in XRP-based products, as it removes a key regulatory obstacle for XRP ETFs.
- With BlackRock, the largest global asset manager, anticipated to file for a spot XRP ETF, there is a strong expectation that a filing is imminent, potentially catalyzing broader institutional entry into XRP investments.
- As the U.S. market is more developed for Bitcoin ETFs, with the SEC being more likely to approve ETFs backing Bitcoin and Ethereum, the ripple effects of these approvals could encourage asset managers to propose ETFs for other digital assets, including XRP.
