This is Bayberry Capital research and opinion, not investment advice. Bayberry Capital holds a position in XRP. Read the full disclosure at the end. Bayberry Capital's view is that XRP is in the late stage of a multi-year range resolution, and that its market structure now resembles
Ten years in, and we still call it a market. That word does a lot of work it hasn’t earned. A market prices things based on what they do — what they produce, what they settle, what they save someone in time or cost or risk. What we have instead
A Bayberry Capital research note on patience, pattern recognition, and the DTCC announcement the market should have seen coming. Published: May 28, 2026 — Bayberry Capital On Wednesday, May 27, 2026, the Depository Trust & Clearing Corporation — the institution that custodies more than $114 trillion of the world’s financial assets
The tokenization of real-world assets is no longer a thesis. It is infrastructure being deployed in real time, at scale, by the institutions that run the global financial system. BlackRock, JPMorgan, Franklin Templeton, and DTCC are not conducting pilots. They are building the rails. As of April 2026, the
A Contrarian Long Thesis for a Deeply Discounted Macro-Beaten Asset Bayberry Capital — Internal Research Date: April 10, 2026 | Asset: XRP/USD | Price: ~$1.33 | Action: Accumulate | Conviction: High Snapshot MetricValueEntry Price$1.33Draw from ATH–64% (Peak: $3.65, Jul 2025)Losing Streak6 consecutive months — worst in 10+ yearsMarket
It Is Unlocking It For years, the crypto market has framed stablecoins and native assets as competitors. That framing is wrong. Stablecoins are not designed to replace native liquidity assets. They are designed to prepare capital to move. And when capital is prepared correctly, the infrastructure beneath it becomes exponentially
There are a thousand strategies in this market. Momentum strategies. Value strategies. Quant models. Liquidity plays. Narrative rotations. Everyone is searching for the perfect system, the perfect indicator, the perfect catalyst. But the deeper you go into the craft, the more obvious one truth becomes. The most valuable skill in
The Only Question That Matters Most investors begin their analysis of XRP at the wrong starting point. They look at today’s price and imagine hypothetical scenarios that might push it higher. That is how retail thinks. Infrastructure assets are not priced on hope. They are priced according to what
Most discussions about XRP’s price revolve around speculation, cycles, narratives, and catalysts. None of that has anything to do with what ultimately determines the long-term valuation of a settlement asset. The market price of a bridge asset is not shaped by sentiment or community excitement. It is shaped
There are moments in finance when a single projection changes the direction of an entire industry. Boston Consulting Group’s estimate that up to sixteen trillion dollars worth of global assets will be tokenized by 2030 is one of those moments. This is one of the most respected consulting firms
Every Issuer, Every Structure, and What It Means for Price For years the idea of a spot XRP ETF felt distant. Regulators stalled, exchanges avoided the topic, and mainstream finance looked the other way while a payments network quietly evolved into the backbone of real-world liquidity. Now the floodgates
The market continues to misprice XRP because it does not understand what it is valuing. It sees a token. It does not see the system underneath it. For years, the market has measured XRP by the wrong metrics. Traders look for volatility. Analysts look for headlines. But neither group studies