The recent price movements of XRP have raised new debate within the cryptocurrency community, with critics warning of a prolonged downturn for the digital asset. Among the skeptics is Atomic Wallet, a decentralized non-custodial wallet, which has drawn attention for its recent remarks criticizing XRP and its investors.
Concerns Over Sustainability of Gains
The asset recently achieved a milestone by hitting a seven-year high of $2.87, following an impressive 485% surge over four weeks. However, this upward trajectory faced a setback during a market-wide correction, with the token’s value dropping to $2.34—over 32% below its peak.
While XRP supporters celebrated the significant gains, critics, including Atomic Wallet, raised doubts about the sustainability of the asset’s rally. They pointed to the token’s historical pattern of sharp corrections following rapid price increases.
Atomic Wallet’s Bold Prediction
In a controversial tweet, Atomic Wallet questioned whether XRP holders are prepared for the asset’s value potentially declining to $0.50. The wallet further asserted that the asset would not reach $3 again and committed to deleting its X account if the token surpassed that level in the future.
This criticism comes after it previously made sarcastically bullish remarks about the token. For instance, on December 2, the wallet jokingly stated it would not sell its XRP holdings until the price reached $300.
Community Responds
Atomic Wallet’s statements have sparked a backlash from XRP supporters. Community members have accused the wallet provider of spreading fear, uncertainty, and doubt (FUD) about the digital asset.
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Prominent voices within the community, such as Panos Mekras, have called for a complete boycott of Atomic Wallet and urged users to switch to alternative platforms.
Critics have also highlighted Atomic Wallet’s security record, referencing a multi-million-dollar hack in 2023 as evidence that the company should focus on securing its services rather than commenting on market trends.
The backlash has also drawn attention to Atomic Wallet’s seemingly contradictory stance on XRP. Previously, the wallet encouraged its users to buy the asset and had shared positive commentary about it.
Despite the controversy, the asset remains a topic of interest in the cryptocurrency space. While skeptics warn of extended downturns, supporters believe in its long-term potential, emphasizing its role in cross-border payments and blockchain technology.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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