Cryptonairz founder Robert Doyle, fondly called Crypto Sensei, advocates an XRP spike to $10,000, citing the potential bullish effects if this Crucial Catalyst occurs.
Doyle presented this case in a recent X video, basing his argument on the latest report surrounding U.S. Treasury bills tokenization on the XRP Ledger. For context, OpenEden, a leading tokenization platform, announced an initiative to bring tokenized U.S. T-Bills to the XRPL. The initiative is in partnership with Ripple, with an initial $10 million contribution from the payment firm.
T-Bills Tokenization on the XRPL
According to Doyle, the tokenization of real-world assets (RWA) on the XRPL, such as real estate worth trillions or stocks, derivatives, and bonds, could serve as the stepping stone that XRP needs to record its substantial price upsurge.
Doyle stressed that one of the reasons XRPL could serve as the go-to platform for these tokenization efforts is the KYC and AML practices Ripple persistently carries out amid any partnership with a top company. Recall that the tokenization of T-Bills on the XRPL would mandate these KYC and AML practices.
The stringent screening involved with KYC and AML exercises would help ensure regulatory compliance and security. Doyle emphasized that these top companies might not opt for networks lacking these measures when looking to tokenize RWAs on the blockchain.
The market pundit moved to the official OpenEden website, which shows an opportunity for market participants to earn a Treasury yield of up to 5.02% on the blockchain network. According to him, this represents the future of Treasury bills.
XRP Down with the Rest of the Market
However, despite this bullish turn of events, XRP has not witnessed as much bullish push as anticipated. Notably, XRP skyrocketed above $0.64 on Aug. 7 following the final ruling in the Ripple lawsuit. However, it faced resistance at this high, now trading below the $0.60 psychological price threshold.
Commenting on this, Doyle noted that August is typically a bearish month for the crypto industry. Market data confirms this, with BTC dropping 11.2% in August 2023 and 14% in August 2022. XRP also witnessed declines in August 2022 and 2023. Doyle pointed out that XRP’s downturn is due to the ongoing broader market collapse.
According to him, the geopolitical tension surrounding Iran and Israel is one of the major contributing factors to the market crash. He noted that investor angst has increased as global spectators expect war on different fronts. This has led market participants out of risk assets.
XRP Utility in Cross-Border Settlement
Despite this, Doyle’s confidence is intact. He stressed that XRP is not just any token, but an asset capable of revolutionizing the cross-border settlement scene. The market commentator compared XRP with SWIFT gpi for cross-border payments, attempting to show that SWIFT gpi is not as innovative as presented.
Notably, SWIFT gpi also deals with pre-funded capital, while XRP does not. The program also takes an average of nine hours to settle, but XRP’s settlement time is nearly instant. In addition, transactions with SWIFT gpi could fail at any time, but XRP’s transactions either succeed or fail instantly.
The only advantage SWIFT gpi holds over XRP is its larger penetration. Nonetheless, should XRP catch up, market experts like Doyle believe its price could benefit greatly from the increased adoption. This contributes to the motivation behind the $10,000 price target, a 1,763,257% increase from XRP’s current price.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
