Market analyst Ben “BitBoy” Armstrong recently made a bold statement, suggesting that XRP could outperform all other assets in the current market cycle. Over the past 24 hours, XRP has experienced a modest increase of 2.11% and its trading volume has surged by more than 70% to exceed $1.43 billion. This upward trend coincided with Bitcoin reclaiming the $72K mark in recent hours.
However, taking a broader look at the past 30 days, XRP has seen a negative price action of 4%. Furthermore, XRP has underperformed 61% of the top 100 cryptocurrencies since the bull season began.
Despite these discouraging figures, optimists like Ben Armstrong remain steadfast in their belief that XRP will eventually emerge as the top-performing asset during this bullish phase. Armstrong expressed this sentiment in a recent post, highlighting several factors, including Ripple’s business efforts, to support his claim.
“I still have faith that XRP is the coin with the highest potential in this bull run,” Armstrong confidently declared. “I will not be swayed.”
Armstrong’s primary justification for his sustained optimism lies in the real-world asset (RWA) tokenization narrative, which Ripple is heavily involved in. Industry experts predict that the RWA tokenization market will 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 efforts. Additionally, during a summit last year, Ripple’s Chief Technology Officer, David Schwartz, stated that the XRP Ledger would become the preferred platform for RWA tokenization by 2025.
The RWA narrative has gained significant traction in the crypto industry, second only to meme coins. A recent report revealed that the RWA narrative was the second most profitable for crypto investors in the previous quarter.
In addition to the RWA narrative, Armstrong bases his bullish outlook on other upcoming developments related to Ripple. These include the resolution of the prolonged lawsuit with the SEC, Ripple’s potential initial public offering (IPO), and the potential adoption of XRP by U.S. banks. He also mentions the possibility of prominent asset managers launching spot XRP exchange-traded funds (ETFs).
While some market observers agree with Ben Armstrong’s optimistic view of XRP’s potential, others argue that he is overly fixated on past successes, particularly the astonishing 75,000% growth XRP experienced in 2017.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not necessarily reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.