Atomic Wallet has come under fire after it posted a negative price projection for XRP, sparking community backlash
Atomic Wallet, a renowned non-custodial decentralized wallet, has sparked debate with a bold statement about XRP. Atomic Wallet’s statement joins a wave of comments about XRP, which has enjoyed significant gains in the ongoing bullish market cycle.
XRP Price Volatility and Atomic Wallet’s Sarcasm
In a post on X, Atomic Wallet expressed reservations about XRP’s bullish performance. The decentralized wallet posted a Fear, Uncertainty, and Doubt (FUD) message, predicting that the asset would soon suffer a decline. It predicts the next downturn will last for about seven years.
Following XRP’s 10% decline within the last five days, Atomic Wallet has drawn attention to the asset’s volatility. However, the sarcastic remarks imply huge skepticism about the ability of XRP to post a price recovery or growth.
Atomic Wallet’s reference to a “7-year downtrend” might allude to XRP’s historical inability to sustain long-term bullish momentum. Notably, Atomic Wallet had asked XRP holders about their plans to weather the financial storm should XRP drop to $0.50. The post followed XRP’s rise to over $2 in an unprecedented bullish move not witnessed for a long time.
In an obvious move to spite XRP holders, Atomic Wallet made a bold statement. It stated that XRP’s bullish run has ended and will not break the psychological $3 level. Atomic Wallet stated that if XRP crosses $3, its X account will be deleted.
Many analysts have considered this an exaggerated view meant to mock XRP. This sarcasm has sparked reactions online, with some users coming for Atomic Wallet. A user, Anders (@X_Anderson), angered by Atomic Wallet’s post, urged XRP holders to boycott Atomic Wallet and use other wallets.
Reasons for Optimism Amid Atomic Wallet’s Doubt
Despite the sarcastic, negative stance of Atomic Wallet, broader cryptocurrency sentiments hold hope for XRP. Ripple Labs, for instance, has intensified efforts to launch its stablecoin RLUSD before the end of 2024. The move could trigger bullish sentiments for XRP’s price.
Additionally, several asset managers are pushing for a spot XRP exchange-traded fund (ETF) listing. These include Canary Capital, Bitwise, and 21Shares. Investors believe that the soaring filing for an XRP ETF might pressure the regulator to consider approving the offering. If approved, this could trigger a price growth for XRP.
Meanwhile, expectations have heightened in the broader crypto space that the lingering XRP legal battle with the U.S. Securities and Exchange Commission (SEC) might soon end.
The anticipation relies on President-elect Donald Trump’s nomination, Paul Atkins, to replace the current SEC Chair, Gary Gensler. Given the pro-crypto stance of Atkins, many expect better regulatory clarity and an end to the lawsuit,
As of this writing, XRP is trading at $2.38, up by 6.04%. In addition, market volume has soared by a significant 63.99% to $20.96 billion, indicating investors’ continued interest in the asset, which could drive price growth.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
