According to CNBC host Jim Cramer, the SEC's lawsuit against Ripple may fail. Continue to read.
- SEC may lose to Ripple as per Jim Cramer.
- In the past 24 hours, XRP has decreased by 3%.
According to CNBC host Jim Cramer, the SEC “may not win” against Ripple and XRP. After a strong week of gains, the native currency of Ripple, XRP, fell 3% after Cramer’s video went viral.Cramer meant to refer to the enforcement action against cryptocurrency firms that the two major U.S. regulators have taken. Regarding the current dispute between blockchain payments company Ripple Labs Inc and the U.S. Securities and Exchange Commission (SEC), Cramer noted in the remark that the regulator might not even prevail in the case.
Cramer stated in the new CNBC segment:
The SEC says, look they are creating securities day after day. In this Ripple case, they may not even win the Ripple case. But the Binance (lawsuit) is very different.
Impact of Cramer’s Comment
And also, JJohn E. Deaton, a supporter of ripple, retweeted the video, pointing out how Cramer’s comments could imply the reverse is now true. He noted the price decline of XRP that occurred after Cramer predicted Ripple would prevail in its legal battle with the SEC.
According to certain sources, Social media users have criticized Cramer for making some questionable investment decisions, including advising his followers to purchase stock in Silicon Valley Bank’s parent company just weeks before SVB collapsed and praising another bank that had collapsed, Signature Bank, a year earlier.
The current price of XRP is $0.5474 with a 24-hour trading volume of $3,562,216,401. In the past 24 hours, XRP has decreased by 3% as per CoinMarketcap.