In recent weeks, the XRP community has been feeling very positive as the price of XRP has risen significantly. This is due to the growing belief that Ripple will win its legal battle against the US Securities and Exchange Commission (SEC).
The XRP community’s optimism about the outcome of Ripple’s legal dispute with the SEC may have been dampened by recent remarks made by Jim Cramer, the host of CNBC’s Mad Money. Cramer suggested that the SEC could be defeated in its case against Ripple, giving the community cause for concern.
According to a widely circulated clip on crypto Twitter, Jim Cramer remarked that: “SEC says look they’re creating securities day after day after day there’s a Ripple case they may not even win the Ripple case but the Binance is very very different,”
It is important to mention that Jim Cramer has established a reputation as an “inverse indicator,” with his predictions frequently resulting in outcomes that go in the opposite direction in both traditional and crypto markets. One reason is that Cramer inadvertently encourages his viewers to engage in counterproductive buying and selling behaviors, often urging them to buy when prices are high and sell when they are low.
Jim Cramer’s recent missteps include expressing confidence in Silicon Valley Bank and First Republic Bank, which have experienced significant issues. Silicon Valley Bank collapsed earlier this month and is being acquired by First Citizens. First Republic Bank is attempting to address a $12 billion deficit in its balance sheet before it can resume its search for a buyer.
The XRP community has generally disregarded Jim Cramer, also known as “Inverse Cramer,” as he has frequently labeled the cryptocurrency as a scam. Thus far, the community has not been overly concerned with his opinions.
XRP Community Reacts to Jim Cramer’s Ripple Prediction: Is it a “Kiss of Death”?
According to attorney John E. Deaton, who represents numerous XRP holders as a friend of the court in the SEC’s case against Ripple, the recent decline in XRP’s price can be traced back to Jim Cramer’s suggestion: Ripple could prevail in the lawsuit.
One member of the XRP community reacted to Deaton’s remarks by characterizing Jim Cramer’s endorsement as “The Kiss of Death.”
Another member of the XRP community referenced the saying, “even a broken clock is right twice a day,” expressing a hope that Jim Cramer’s prediction regarding Ripple would be one of the rare instances where he is correct.
At the time of writing, XRP has experienced a 5.98% decrease over the past 24 hours, following a stretch of several days in which the cryptocurrency had recorded gains in the double-digit percentages at 18.58%.
