This week is off to a terrible start for the cryptocurrency market, with multiple tokens recording double-digit losses.
The Ripple-affiliated XRP cryptocurrency has seen a downward slide over the last seven days after setting a seven-year high price of $2.82 last Tuesday amid anticipation of a favorable regulatory environment for cryptocurrencies under Donald Trump’s administration and the potential resolution of Ripple’s long-standing legal battle with the US Securities and Exchange Commission (SEC). It’s down over 10% over the last 24 hours to trade at $2.15, according to CoinGecko data. XRP has lost its third spot on the crypto leaderboard after being usurped by Tether’s USDT stablecoin.
Now skeptics are using the latest correction to forecast doom for the remittance coin, suggesting that the parabolic rally is over and that holders may be forced to hold bags for the next couple of years.
XRP Never Revisiting $3?
Atomic Wallet noted in an X post that the price of XRP has already retraced by over 10% from its recent peak. The pullback comes after the Dec. 4 announcement by Ripple that it was postponing the rollout of its dollar-pegged RLUSD stablecoin, citing delayed regulatory approval from the New York Department of Financial Services.
According to the Estonian-based crypto wallet, the drawdown in XRP price will continue over the next seven years. Atomic further predicted that XRP will never break past the $3 mark ever again, vowing to delete its X account if the Ripple-promoted token ever reached the said milestone.
XRP Community Fires Back
The XRPArmy has strongly pushed back against Atomic Wallet’s assertions.
Some XRP community members have pointed out Atomic Wallet’s recent contradictory statements, given its previous posts about XRP. For example, Atomic Wallet playfully declared in a post that it wouldn’t sell its XRP until it hit $300.
For other XRP fans, Atomic Wallet should focus on securing its network and reimbursing users after the platform fell victim to a $100 million hack in 2023.
Others have suggested boycotting the Atomic Wallet, saying users should switch to other pro-XRP wallet platforms. Meanwhile, Anodos Finance co-founder Panos Mekras told Atomic Wallet to just dissolve its business completely.
