Analyst Tone Vays Bashes XRP, Says the Crypto Has No Value

Analyst Tone Vays Bashes XRP, Says the Crypto Has No Value 10

For years now, former Wall Street trader turned Bitcoin analyst Tone Vays has been crusading against altcoins, calling many of them scams and worthless due to their attempts to imitate market leader BTC.

Despite it being the holiday season of cheer, Vays has only doubled down on his attempts to bash altcoins, recently joining cryptocurrency media outlet BlockTV to bash XRP in an interview. In the interview, he quipped:

The Ripple token itself has absolutely no place. It is now, more than ever before, just a security of the Ripple corporation… Everything about XRP is bad.

It isn’t only Tone Vays that thinks XRP has no inherent value as a cryptocurrency. Cryptocurrency commentator Bully recently posted the below tweet, in which he jokingly conveyed a theoretical dialogue about Ripple and XRP. The punchline: “is it worth anything?” to which the response was “no.”

https://twitter.com/BullyEsq/status/1209134748779601926

Indeed, many have questioned the inherent value of cryptocurrencies, even XRP, over the past decade, citing the fact that all that is backing a majority of these assets is either nothing or a solution that could theoretically work without a token.

XRP’s Harrowing Price Outlook

With this sentiment existing, it should come as no surprise that analysts are saying that XRP’s price outlook is looking harrowing, despite the growing bull case for Bitcoin and other top cryptocurrencies.

According to prominent cryptocurrency trader and commentator Jacob Canfield, for him to even think of considering recommending a long, he would wait until XRP trades at $0.10 to $0.15 — 50% to 25% lower than current prices.

https://twitter.com/JacobCanfield/status/1206765832468156417

While this may seem like an especially harrowing comment, the chart he posted to back the quip shows that the cryptocurrency has lost the support of a key historical level near $0.3, implying that it remains in decisively bearish territory.

Interestingly, he isn’t the only one touting such bearish analysis. A trader going by “Moe” recently noted that their use of the Richard Wyckoff schematics, used to determine market cycles, clearly shows that the “distribution” phase of the long-term XRP price trajectory is coming to an end, implying a strong markdown will come next. This has been corroborated by the fact that the cryptocurrency has broken below a descending triangle, as Moe’s chart below illustrates, and that a key uptrend line has been lost. Moe’s chart implies a retracement to $0.05 — 80% below current prices.

Featured Image from Unsplash

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.