Crypto personality Ben Armstrong, also known as BitBoy, has asserted that XRP could be the top-performing crypto asset of this cycle.
BitBoy expressed this view via his X account on Thursday, citing two key factors supporting his bold forecast for XRP.
Factors to Make XRP a Top Performer this Cycle
First, he emphasized the potential game-changing impact of the Bitwise XRP ETF currently in development. Notably, this prominent asset manager submitted an application on Wednesday to list an XRP ETF with the U.S. regulator.
BitBoy stressed that this XRP ETF could be the major turning point the community has long awaited. According to him, those who aren’t paying attention to XRP now will soon take notice as the effects of the XRP ETF begin to unfold.
Bitwise XRP ETF in the works —this could be the game changer we’ve been waiting for. If you’re not paying attention to XRP now, you will be soon.
— BitBoy (@BenArmstrongsX) October 3, 2024
Additionally, Armstrong is banking on Ripple’s plans to go public via an IPO as another major bullish factor in XRP’s potential this cycle. The view is that Ripple becoming a public company would promote XRP—an asset closely associated with Ripple—to a larger pool of investors.
Some industry pundits argue that Ripple’s IPO alone could drive XRP’s market value as high as $10 in the near future. However, it is important to note that Ripple has stated going public is not an immediate priority.
Moreover, Ripple’s lawsuit with the SEC is resuming, as the regulator issued a notice for an appeal, further delaying the prospect of an IPO
Interestingly, the SEC’s motion to appeal came just a day after Bitwise launched its application for the XRP ETF. Some online commentators have suggested that the SEC’s action has weakened the chances of approval for the XRP ETF, though proponents of the ETF disagree with this view.
Regardless of the hindering developments, Armstrong remains optimistic, believing that approval of the XRP ETF and Ripple’s IPO could make XRP the best-performing token of this cycle.
First: $XRP: It’s set to dominate world banking. ETF approval and Ripple IPO could make XRP the #1 coin of this cycle.
— BitBoy (@BenArmstrongsX) October 3, 2024
XRP Historical Performance
Historically, in the 2017/2018 cycle, XRP was one of the best-performing crypto assets, delivering a staggering return of over 75,000% to investors in just one year.
However, in the current cycle, XRP is among the worst-performing tokens. Proponents are hopeful that these crucial impending developments will serve as the catalyst that drives XRP to new heights.
