Can The Airbus A321XLR Replace Widebody Aircraft on Long-Haul Routes?

Every so often, an aircraft is developed that has the power to change the shape of the aviation industry, with the Airbus A380 and Boeing 787 being two such recent examples. The narrowbody Airbus A321XLR has also been billed as a game-changing aircraft, disrupting the long-haul aviation market that has traditionally been dominated by widebody aircraft. Why is this, and is the A321XLR a viable alternative to widebody aircraft on long-haul routes?