Jim Cramer commented that the SEC “may not even win” its lawsuit against Ripple, and after a strong week of gains, the XRP token crashed.
“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?”
At the time of Deaton’s tweet, XRP had fallen 6% after a significant bullish rally that has seen it advance 26% in the preceding seven days. Since Cramer’s comments on March 29, XRP has plummeted over 14% from a high of $0.579 when it ‘did a 180 turn’ to $0.496 on April 4, wiping over $4 billion from its market cap across that period.
XRP 1-week price chart. Source: Finbold
Inverse Cramer
It is worth highlighting that Cramer has been subject to criticism on social media due to his somewhat dubious investment predictions.
Specifically, he expressed negative sentiment towards XRP, Litecoin, and Dogecoin towards the end of 2022, when Bitcoin was valued at approximately $17,000. However, it is worth noting that all three of these cryptocurrencies have experienced significant increases in value since the time Cramer expressed his skepticism.
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