Ryou is haki, not armament haki. Wano are swordsman and focus more on using haki on their swords but Ryou is their word for haki just like Mantra was Enel word for haki and not observation.
When I talked about Kaido was that the moment he gave his all against Kaido was the extreme situation needed to unlock CoC just like Marineford was the situation for Coby to unlock CoO.
When I talked about Kaido was that the moment he gave his all against Kaido was the extreme situation needed to unlock CoC just like Marineford was the situation for Coby to unlock CoO.
Ryuo is the name for Armament Haki in Wano in the same manner Mantra is the name for Observation Haki in Skypiea.
In both instances, we see the locals are specialised in one basic form of Haki and we don't know what their names are for the other forms.
The panel literally have him stating that Ryou is Haki. He doesn't say armament haki, just haki.
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