Market analyst Ben “BitBoy” Armstrong recently made the bold claim that XRP could outperform all other assets in the current market cycle. In the past 24 hours, XRP has seen a modest increase of 2.11%, accompanied by a significant surge in trading volume, surpassing $1.43 billion. This upward movement coincided with Bitcoin reclaiming the $72K mark.
However, when looking at the past 30 days, XRP has experienced a 4% decrease in price, making it one of the underperformers among the top 100 cryptocurrencies during this bullish season.
Despite these less than stellar statistics, Armstrong remains optimistic about XRP’s potential. He expressed his confidence in a recent post, highlighting various factors, including the efforts of crypto payment giant Ripple.
“I firmly believe that XRP has the highest potential during this bull run,” declared Armstrong, unwavering in his stance.
One of the main reasons for Armstrong’s sustained optimism is the narrative surrounding the tokenization of real-world assets (RWA), an area in which Ripple is deeply involved. Industry experts have projected that the RWA tokenization market could reach a value of $16 trillion within the next six years.
Armstrong believes that XRP stands to benefit from this narrative due to Ripple’s involvement. Furthermore, Ripple’s Chief Technology Officer, David Schwartz, has previously stated that the XRP Ledger will become the preferred platform for RWA tokenization by 2025.
The RWA narrative has gained considerable traction in the crypto community, rivaling the popularity of meme coins. A recent report revealed that the RWA narrative was the second most profitable for crypto investors in the last quarter.
In addition to the RWA narrative, Armstrong’s bullish outlook for XRP stems from other upcoming developments related to Ripple. These include the resolution of the ongoing lawsuit with the SEC, the possibility of Ripple going public through an initial public offering (IPO), and potential adoption by U.S. banks. Armstrong also mentioned the potential launch of spot XRP exchange-traded funds (ETFs) by prominent asset managers.
While some market observers share Armstrong’s optimistic view on XRP’s potential, others argue that he is overly fixated on past successes, specifically referring to the astounding 75,000% growth XRP experienced in 2017.
Disclaimer: This article is for informational purposes only and should not be considered as financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.