Influential Youtube content creator and popular derivative cryptocurrency trader, Tone Vays, has raised his doubts about Ripple’s XRP and the impossibility of the digital currency surviving its ‘perceived predicament’.
The cryptocurrency analyst, who once called Ripple’s XRP a ‘useless penny stock’, averred that XRP is useless to the firm that created it, Ripple Inc.
In his conversation with Layah Heilpern on Bloxlive TV, said the problem now is Ripple’s XRP, which he said allowed Ripple Inc. to make a lot of money from thin air despite the token been useless to Ripple’s ecosystem.
Vays said Ripple can move the XRP any how they like, adding that the fact that Ripple has partnered with MoneyGram does not insinuate that XRP is not a security.
He said the ‘silent’ Ripple community will soon realise that Ripple Inc. will find a way to separate themselves from the XRP token because it does not make any sense.
Bitcoin is going down?
Speaking on the present state of Bitcoin, the derivative trader said Bitcoin could go down again despite reaching $13,900 few days back, claiming that BTC went straight up without having a tangible backup. He said it is not about the price, but the time. How Bitcoin gets to the price is important.
Vays said Bitcoin is in danger for going up exponentially without having any answer as to the reason it went up. He said the way Bitcoin went up, put it at the danger of crashing back down.
The analyst said a new low is near, stating that Bitcoin could see a great low since its present position is not explicable. Vays is expecting a quick low for him to believe the cryptocurrency winter is over.
He said Bitcoin has to see a 40 to 50 percent pullback for weeks to belief the bull market is near. To Vays, Bitcoin will see a new all-time high in 2022 and 2023. However, he said Bitcoin could go from $20000 to $100,000.
At the same time, Vays said it’s possible for Bitcoin to see its all-time high next year, provided Bitcoin bottomed this year. He’s not sure Facebook’s Libra coin contributed to the new surge in the market at the moment.