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 community’s Tiffany Hayden might just have found a solution to the existing validators issue
After much discord in the XRP community, its new savior, Tiffany Hayden, and the the community has decided upon a plan. Following long threads of conversations and brainstorming on solving the validators problem, a Twitter user, @Sarcasticlegend, said,
“What about a grassroots funding campaign to start up a program to teach disadvantaged kids in public schools computer science/ coding/ IT/ tech repair….and have them run a validator as a project (sort of like the classroom hamster)”
This sounds like something doable for the smooth functioning of the XRP ledger and the community. Another user, @ZIGXRP, chimed in on this idea and tried to improvise it with a Codius Contract that monitors validators against a set of Key Performance Indicators [KPIs]. The user also added that a public-funded Coil pool would be of great help to them for stream-based good validators’ health/standings.
Hayden thought of it as a “fantastic” suggestion and threw it open to the XRP community fund. The community on Twitter supported the XRP enthusiast’s plan and upvoted it. XRP Research Center, a prominent XRP Twitter handle, also offered its support and said,
If this makes it to next stages, I’m committing my whole @xrptipbot balance and every single tip I receive from now on.”
The community, apart from indulging in the conversation about the “single point of failure,” welcomed the suggestion and offered to carry it forward. The community hopes for the plan to reach the development phase as it has consensus from a lot of members within the community.
Tables turn as XRP’s ‘chosen one’ voices concerns about XRPL decentralization
XRP and Ripple have always been known to have an active community, on and off Twitter, with community members looking forward to the success of its ecosystem. The community seems to be putting up a good front, despite XRP’s price falling steadily. However, while some XRP enthusiasts continue to hang in there, others have lost hope and turned to other cryptos.
The two most notable members of the community are [or were] Dr. T and Tiffany Hayden. While Dr. T has been AWOL for almost half a year now, Hayden seems to be harbouring growing concerns about Ripple and the state of the XRP Ledger. In a tweet thread, Hayden revealed how not a lot of people, including “paying customers,” are running a validator and how this could pose a threat to the ecosystem.
Vaguely speaking, a PoW network like Bitcoin gets more decentralized, with more miners joining the network. Similarly, as a PoC network like XRP gets more decentralized, the more validators it has.
For long, people have said that Ripple controls the network since it owns a lot of validators, something that was briefly true until other people started running validator nodes. Lately, people have been noting that if this continues, XRP and XRP Ledger could face major setbacks in development.
Referring to the validator argument, Hayden tweeted,
“They [validators] have become a central point of failure, IMO. The exact thing we are supposed to be avoiding. No XRPL services with paying customers are running validators like we expected them to. We have to acknowledge this.”
In addition to the above “concern,” there is another growing concern about the beginning of the downfall of XRP, with respect to Xpring. An initiative set up by Ripple with a clear goal to “invest, incubate, acquire and provide grants to companies and projects run by proven entrepreneurs,” Xpring will “use the digital asset XRP and the XRP Ledger, the open-sourced, decentralized technology behind XRP to solve its customers’ problems in a transformative way.”
Recently however, the projects that are being invested in by Xpring have started to deviate from XRP, XRP Ledger and ILP, and towards their own goals. While this may be productive to the crypto-ecosystem as a whole, it is definitely not for the XRP ecosystem.
“It Ripple shutters tonight, the network won’t last long much longer.”
David Schwartz, the genius behind XRP ledger and the man speculated by many to be Satoshi Nakamoto, stepped in to alleviate Hayden’s concerns. Schwartz took a rather neutral stance and stated,
“There isn’t going to be a clear straight line between every Xpring investment and XRP. Some of them are going to be aimed at ILP which we believe indirectly helps XRP and some will be aimed at the crypto ecosystem generally… I would be much more worried if you see us not helping projects that you think could provide value.”
Hayden firmly believes that there aren’t a lot of customers running validators as of now, and that there isn’t any reason to believe that somebody will in the future. Leonardo DiCaprio said it best in the movie Inception,
XRP hovers below its December 2018 price; has the bull rally left it behind?
Numbers and statistics define and explain almost everything we need to know in the financial landscape. For example, 2019 has been collectively accepted as a bullish year for the cryptocurrency market, with a majority of virtual assets boasting incredible growth since the demise of the crypto-winter. However, some of these stats can be slightly misleading.
December 2018 is widely recognized as the low point of the crypto-winter, with all major assets recording major devaluation. In fact, some of these assets fell to levels which were over 90% off from their all-time highs in 2017.
XRP was one such cryptocurrency that dropped down by almost 90 percent in December 2018. While XRP peaked at $3.60 back in the bull run of 2017, its valuation was down to $0.39 the following year.
Fortunately, the crypto-winter ended in April and the market’s resurgence led by Bitcoin and the likes of Litecoin and Binance Coin resuscitated the market. In fact, Bitcoin was at one point up by almost 250 percent this year. However, the same cannot be said for XRP.
Source: Trading View
When the cryptocurrency market began to rally this year, XRP joined in and climbed its way to its yearly high of $0.475. However, since 22 June, the coin has progressively lost valuation and over the last few days, the token has dipped by almost 23 percent.
At press time, XRP was valued at $0.309, a value lower than the lows of December 2018, the height of the crypto-winter. In 2018, XRP’s low was recorded to be a $0.39, which is still 20 percent more than its current valuation. These figures suggest that despite the larger market rally, XRP itself is hardly having a bullish year.
This is a surprising finding since its parent company, Ripple, has been at the heart of changing the face of modern-day finance. With its numerous collaborations, partnerships and initiatives, Ripple’s stock has surged across the world. Unfortunately, this hasn’t translated to XRP’s price.
However, the digital asset was not the only token facing the repercussions of a decline. The likes of Bitcoin Cash, Tron and Stellar Lumens were also down by almost 90 percent from their all-time high at press time, even after recording positive growth in 2019.