thecryptobasic.com
Market commentator Ben “BitBoy” Armstrong recently asserted that XRP could be the best-performing asset for the ongoing market cycle.
XRP has witnessed a 2.11% gain within the last 24 hours, with its trading volume surging by over 70% above $1.43 billion. This slight uptick emerged as Bitcoin reclaimed the $72K territory in the last few hours.
However, zooming out on a 30-day scale, XRP retains a 4% negative price action. Moreover, XRP has underperformed 61% of the top 100 cryptos since this bull season took shape.
Despite these discouraging metrics, pundits like Ben Armstrong believe XRP could ultimately emerge as the best-performing asset in this bullish phase. Armstrong voiced this sentiment in a recent post on X, citing multiple factors, including the business efforts of crypto payment giant Ripple.
“I still believe XRP is the coin with the highest potential for this bull run,” Armstrong proclaimed, adding, “I won’t be shaken.”
I still believe $XRP is the coin with the highest potential for this bull run. I won't be shaken.
Do you not understand how tied in @Ripple is to the RWA narrative? That's just an added bonus on top of:
-End of SEC Case for real
-XRP ETF apps
-Ripple IPO
-US Banks Coming— Ben Armstrong aka BitBoy Crypto (@BenArmstrongsX) April 6, 2024
Why XRP May Have Highest Potential
Armstrong’s primary justification for the sustained optimism is the real-world asset (RWA) tokenization narrative, which Ripple is deeply engrossed in. Notably, industry experts have projected that the RWA tokenization market will be worth $16 trillion in the next six years.
Armstrong sees XRP potentially benefiting from the narrative with Ripple’s efforts. Besides, during a summit last year, Ripple’s Chief Technology Officer, David Schwartz, asserted that the XRP Ledger would become the favored platform for RWA tokenization by 2025.
Notably, the RWA narrative has continued to gain traction in the crypto scene, trailing only meme coins. A recent report disclosed that the RWA narrative was the second most profitable for crypto investors in the just-concluded quarter.
Aside from the RWA narrative, Armstrong grounded his bullish outlook for XRP on other impending developments about Ripple. Specifically, he cited the end of the protracted lawsuit with the SEC, Ripple’s initial public offering (IPO), and the potential adoption by U.S. banks. Moreover, he cited the prospects of prominent asset managers launching spot XRP ETFs.
While some market watchers concur with Ben Armstrong’s optimistic outlook on XRP’s potential, others argue that he is fixated on past successes. This refers to 2017 when XRP saw a staggering 75,000% growth within a year.