Speaking on ITV's This Morning on Monday, the 20-year-old said: "I feel there are two sides, a split personality kind of thing."
Honey G, 35, has divided viewers this series, with some loving what she brings to the show, while others have accused her of being a novelty act and putting on a fake persona.
She's vehemently denied being fake, calling that idea "insulting."
Ryan faced Honey G during the latest sing off and ended up being sent home after all the judges, bar his mentor Nicole Scherzinger, chose to save the rapper.
"I knew straight away as soon as I was with Honey G that I was the one going home," said Ryan, explaining: "I just feel like the whole entertainment, big production vibe, that's what is more wanted than me. I feel like the judges have been giving her standing ovations every week."
When asked if that was a bit annoying, Ryan replied: "It's a bit frustrating when you're trying your hardest, but I'm just so happy and thankful to have had this opportunity."
Ryan was then pushed on whether he felt Honey G was real, prompting him to answer: "I feel like [she is] what Keith Lemon is, like a character she portrays. But I feel like it is her to a sense…
"You don't really see her much [in the finalists' house] to be honest. She keeps herself to herself. She goes into her room and rehearses a lot. I still feel there are two sides, a split personality kind of thing."
Holly Willoughby then asked if Ryan had ever seen her "character drop" to which he said: "Yeah, the accent changes. Sometimes she'll be really posh then other times she's the street talk. I don't know, I think she's really smart and it's working really well, she's still there, quarter final now."
Despite being eliminated, Ryan said he was just happy to have been in the process and made it to sixth place. "I feel really good and happy with where I came and I'm really excited about the future. I'm going to work really hard for now and hopefully things can go well for me."
Honey G, meanwhile, has always vehemently denied putting on an act or being fake. "I've seen some stuff in the press, sometimes when I see things that are negative I just don't click on them anymore," she recently told ITV's This Morning.
"All the haters who have given the press stories about me, all these people are just haters, all the haters need to check themselves, they're never gonna get anywhere while they're preaching all this hate so they better not give up their day jobs."
X Factor continues 8pm on Saturday on ITV.
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