Non-custodial cryptocurrency wallet Atomic Wallet has recently attracted the attention of the crypto community, questioning the usefulness of XRP on Ethereum and asking why no one is using it.
The comment sparked a wide range of responses from community members, especially those who have invested in XRP. Amid these criticisms, XRP is trading at $0.4351, down 87.25% from its all-time high of $3.40.
Community reaction and criticism
Community reactions to Atomic Wallet reviews have been mixed and intense. Some have accused Atomic Wallet of being involved in scams, linking it to the infamous hack that resulted in the loss of $35 million in various cryptocurrencies, including Bitcoin, Ethereum, and XRP.
Criticism has also been directed at the wallet’s policy of requiring 10 XRP to be kept as a reserve to activate the wallet, which has been described as a hindrance to users. “Stealing 10 XRP reserves when you create a wallet and activate it is unacceptable,” one commenter said.
Despite the negative backlash, many community members continue to defend XRP, saying it is often used in international transactions. Some have embraced XRP as a primary way to transfer funds, emphasizing its practicality and efficiency.
Supporters believe that while XRP is not currently widely used, its potential for institutional adoption in the future could significantly increase its behind-the-scenes utility.
Historical criticism and changing perspectives
Remember that XRP has faced considerable criticism in the past. Former Goldman Sachs analyst Murad Mahmudov once called XRP and Cardano (ADA) “meme coins,” arguing that their value depends largely on community acceptance rather than intrinsic value.
In September 2023, Bitcoin maximalist Max Keiser claimed that XRP was centralized, citing a 1991 patent that lists Ripple’s CTO David Schwartz as an inventor.
However, over time, opinions on XRP have evolved. Investor Virtual Bacon, who had criticized XRP’s centralization and poor price performance, later expressed confidence in its potential in the next bull run.
Ongoing legal dispute affects XRP price
Notably, this criticism of XRP comes at a time when the ongoing litigation between the United States Securities and Exchange Commission (SEC) and Ripple has had a significant impact on the price of XRP, which has also led to its volatility and poor performance. The lawsuit was filed in December 2020 and alleges that Ripple violated securities laws. Since then, XRP has not been able to surpass its January 2018 high.
Some speculate that until the lawsuit ends in Ripple’s favor, XRP’s unfavorable price action may continue. In July 2023, XRP temporarily rose to $0.93 following a partial court victory. The legal battle remains a key factor in XRP’s market performance, with eyes focused on the upcoming final verdict.
Disclaimer: This content is informational only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers are encouraged to conduct in-depth research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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