Tone Vays is a derivatives trader and popular YouTuber known for his technical analysis of Bitcoin and his strong opinion about other cryptocurrencies, including XRP and the company Ripple.
Speaking about Bitcoin to BloxLiveTv, Vays said that he was waiting for a 30-40% correction and the price of Bitcoin to fall to the $4,000-level. This correction and a pullback from here would make him believe that the bull market had started. Referring to the recent pump, Vays said that he still doesn’t think that things have “fundamentally” changed between the crypto-winter and present-day.
Vays is known to strongly support Bitcoin and does not believe in most altcoins, including XRP and the company closely related to it, Ripple. The tech giant recently announced a partnership with payments-settlements company, MoneyGram. Vays said,
“To me, Ripple still has a big problem, and the problem is Ripple token, it has nothing to do with Ripple, the company, it has to do with Ripple the token; which, I believe it is totally useless to their ecosystem, but that token allowed them to make a lot of money, they can move that money around any way they like.”
He added that Ripple can make purchases using this money to buy into remittance companies, which is a market that Ripple is challenging. Referring to the technicals and how XRP was getting slaughtered against Bitcoin, Vays said,
“But with the price of Ripple going down especially against Bitcoin, the Ripple community will realize that even Ripple is going to need to find a way to separate themselves from their own Ripple token, because it just doesn’t makes sense.”
What Ripple did with its token gave it an unfair advantage over companies that were trying to achieve it in an honest way, Vays added.
As seen in the chart above, the price of XRP against Bitcoin has been taking a lot of hits recently. XRP broke a major support last week, a support which had held for more than a year.