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Renowned market commentator Joeyfree recently expressed his belief that XRP has the potential to outperform other assets in the ongoing market cycle. Over the past 24 hours, XRP has seen a 2.11% gain, with trading volume surging above $1.43 billion, coinciding with Bitcoin's rise to the $72K mark.
However, taking a broader view of the past 30 days, XRP has experienced a 4% negative price movement and has underperformed 61% of the top 100 cryptocurrencies during this bull season.
Joeyfree's optimism is based on the real-world asset (RWA) tokenization narrative, in which Ripple is heavily involved. Industry experts predict that the RWA tokenization market will reach a staggering value of $16 trillion within the next six years.
Joeyfree believes that XRP stands to benefit from Ripple's efforts in this area. Ripple's Chief Technology Officer, David Schwartz, has previously stated that the XRP Ledger is poised to become the preferred platform for RWA tokenization by 2025.
The RWA narrative has gained significant traction in the crypto community, ranking second only to meme coins in terms of profitability for investors in the last quarter. 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, Joeyfree supports his bullish outlook for XRP with other upcoming developments related to Ripple. These include the potential resolution of the ongoing lawsuit with the SEC, Ripple's initial public offering (IPO), the possibility of adoption by U.S. banks, and the potential launch of spot XRP ETFs by prominent asset managers.
While some market observers agree with Joeyfree's positive assessment of XRP's potential, others argue that he may be fixated on past successes. They refer to the remarkable 75,000% growth XRP experienced in 2017 within a year.
It is important to note that this content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are encouraged to conduct thorough research and exercise caution before making any investment decisions. The Crypto Basic holds no responsibility for any financial losses incurred.
