Stand-in England skipper Lamps was hugely impressed by the Chelsea youngster, who came on as a sub in Wednesday's 2-1 win over Italy.
Lampard said: "Ashley is the best and will carry on playing but it is great to see people coming through.
"You need a squad with players to push each other and players like Ryan and Leighton Baines can do well. I'm really pleased for Ryan. He can do anything as a left-back. He is so composed, he makes the game look really easy.
"It's unfortunate for him that he is behind Ashley because Ashley has been the best for a long time. Ryan will get more opportunities this season and next.
"He has probably learned a lot from Ashley and he will go on and have a great career for club and country. They are good friends. The example of the way Ashley plays is enough to learn from.
"But as you saw in the Champions League final, Ryan can play in front of Ashley and give a better balance in a more advanced left-sided game.
"He can do a bit of everything and he really is as quick as lightning."