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.
XRP Surges 5% as Annual Swell Pump Quickly Nears
After incurring an influx of selling pressure yesterday, Bitcoin has been able to climb slightly today, which has allowed XRP to surge nearly 5%, leading it to quickly approach the $0.30 region that was previously a strong level of support for the cryptocurrency.
Analysts are now noting that XRP may soon surge significantly, which could be fueled by hype surrounding Ripple’s annual Swell conference, which is set to occur in roughly two weeks.
XRP Surges Towards $0.30 as Bulls Build Strength
At the time of writing, XRP is trading up nearly 5% at its current price of $0.297, which marks a notable climb from its recent lows of $0.24 that were set at the bottom of the recent short-term bear market that has gripped the markets ever since Bitcoin plummeted below $10,000.
Prior to its drop below $0.30, XRP had previously established this level as a strong support region, so if it is able to reclaim this level then it may be able to post significantly further gains.
MoonOverlord, a popular cryptocurrency analyst on Twitter, spoke about XRP in a recent tweet, explaining that he believes XRP may have further room to climb in the near-term.
“I think $XRP might have more juice left in the tank on this run,” he concisely noted.
It does appear that XRP’s upwards momentum is independent of Bitcoin’s price action, which could mean that it will continue to climb higher as BTC consolidates, barring any type of major downwards movement that generates a market-wide sell-off.
Ripple’s Swell Conference May Lead to Pump, Claims Analyst
Ripple’s annual swell conference has historically been preceded by XRP bull runs, which may stem from a combination of the hype surrounding this conference and the potential announcements the company may make regarding their XRP-related products.
Galaxy, a popular cryptocurrency analyst on Twitter, spoke about this event and the historical XRP rallies that typically precede it, explaining that in years past it has climbed as much as 220% in the weeks before the event.
“The trade of the year is coming once again on $XRP. Long 2 weeks before Swell, and short when the event is over. Price increase before event (USD) +115% (2017) +220% (2018). Price decrease after event (USD) -43% (2017) -51% (2018). Time to see what this year brings,” he said.
The next few days will likely validate or invalidate whether or not the “Swell pump” is still relevant in the current market conditions, but it is probable that any rally in the near-term may be associated with the historical precedent of this event.
XRP’s rise blocked by approaching breach of ascending channel
After remaining bearish for a long time in 2019, XRP price spurted over the past few weeks but has registered decline again. In 2019, the highest price XRP noted was in June, where it was valued at $0.5043 and has been falling since. At press time, XRP was valued at $0.2955, which reflected the recovery phase as the coin broke out of its bracket price.
However, the long-term chart of XRP reflected an incoming fall which might negate the coin’s recovery.
Source: XRP/USD on TradingView
The daily chart of XRP exhibited formation of an ascending channel. Extending along the path of XRP’s rising price, ascending channel is often considered to be a bearish sign, as the price growing between two upward sloping lines may notice a downward breakout. These upward rising slopes marked higher highs at $0.2489, $0.2618, $0.2881, and $0.2976, and higher lows at $0.2361, $0.2476, and $0.2793. As XRP noted a surge along the rising slope, a breakout toward the bearish end appeared imminent.
On the contrary, XRP market does not reflect a strong bearish presence. Even though 50 moving average appeared under 100 moving average, averages were aligned under the candlesticks, indicating a minimal bearish interference.
Source: XRP/USD on TradingView
MACD indicator appeared bullish as MACD line rested above the signal line. Relative Strength Index appeared to be closer to the overbought zone, indicating a rising demand of XRP, thus noting another bullish market.
The long-term chart of XRP predicted an incoming fall for the third-largest coin.
XRPL Labs’ Wietse Wind unveils Web Monetization-enabled music player on Coil
XRPL Labs’ lead developer Wietse Wind gave new meaning to Digital Rights Management [DRM] in a Twitter thread, calling it “Donations Right to the Musician.” The lead developer was impressed by the idea of enabling donations for artists and has built a means for artists to monetize their content on Coil. Wind wrote,
Coil enables content creators from everywhere to share their content online, while getting paid in micropayments for every second through the subscription fees paid by subscribers. Thus, the choice of platform was clear as he wanted to showcase “How existing tech (ID3 tags in MP3s, and the equivalents in any other file format) can contain payment pointers,” Wind told AMBCrypto.
Wind added that he wanted to manifest “how a site/platform can use these tags to dynamically send donations to another payment pointer,” especially with the ease with which this can be built. Wind informed,
Wind cited Ripple’s Director of Products, Craig DeWitt for this idea. DeWitt informed the company on 13 October of an XRPL side project that would allow mp4 downloads for direct XRP donations to the artists. DeWitt provided the community with an update on 16 October, saying that he was working on a beta and had been looking for beta testers.
DeWitt appreciated Wind’s efforts towards building this ‘Web Monetization’ product and sought the developer’s permission to embed this into his personal project. According to DeWitt, “a combination of streaming payments and direct music purchases is a powerful idea and a great user experience.”
Despite the fact that DeWitt’s idea inspired Wind to create his product, they differ in essence. Wind ,when asked about what distinguishes his product from DeWitt’s, told AMBCrypto,
“It’s different from what Craig is doing, he’s building something to actually sell the MP3 files for XRP, not using ILP but the XRP ledger. Also a great development.”
Apart from the Web Monetization product, Wind’s XUMM signing platform will see integration with XRP Toolkit by Towo Labs.