The price of XRP has dropped after Jim Cramer said the SEC might not win the case against Ripple, proving the crypto community's point.
For a fairly long time, the cryptocurrency community has been following TV personality Jim Cramer and his views on crypto with interest (and irony), as on many occasions in which he criticized a specific digital asset, it responded with a rally – and vice versa – his more supportive views on a certain crypto asset would push its price down.
In this context, the United States attorney, vocal crypto industry supporter, and popular commentator on the Securities and Exchange Commission (SEC) v. Ripple case, John E. Deaton, shared his comments on Cramer’s role in the market’s movements, specifically the XRP token, in a tweet on March 30.
As it happens, the lawyer quoted Twitter user its rede, who posted a short video clip of what looks like Cramer expressing his opinion that the finance watchdog might lose the case against Ripple after all. In the video, CNBC’s Mad Money host said:
“The SEC says, ‘look, they’re creating securities day after day after day,’ there’s the Ripple case – they may not even win the Ripple case – but Binance is very different.”
This statement, in Deaton’s view, was the reason why the price of XRP suddenly dropped, and he believes that the digital asset would fare better if Cramer were consistent in his criticism of both XRP and the blockchain company. As he commented:
“The very moment XRP’s price stopped moving upward and did a 180 turn was [when] Jim Cramer said Ripple might win. Jimmy Chill can you go back to calling it a scam please?”
XRP reacts to Cramer’s words
Indeed, the price of XRP at press time was $0.5343, having dropped 6.48% in the last 24 hours after a significant bullish rally that has seen it advance 25.9% over the previous seven days and 41.13% during the past month, as the latest charts indicate.
XRP 24-hour price chart. Source: Finbold
Interestingly, Cramer has received heat on social media over making some questionable calls regarding investments, such as recommending his viewers to buy shares of Silicon Valley Bank’s parent company weeks before SVB’s implosion, as well as touting another crashed lender – Signature Bank, one year before.
Meanwhile, Deaton remains a firm believer that Ripple would come out victorious in the case against the SEC without any doubt and that the current Supreme Court would quell the “gross overreach” of the regulator, as Finbold reported on February 21.
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