Ripple Vs SEC Lawsuit: SEC Could Lose The Battle Against Ripple, Says Jim Cramer

Cryptocurrency enthusiasts were sent into a frenzy when Jim Cramer, the popular host of CNBC’s Mad Money, recently opined that the Securities and Exchange Commission (SEC) might not win the ongoing lawsuit against Ripple. Cramer’s remarks about Ripple and its cryptocurrency, XRP, quickly made rounds on crypto Twitter.

XRP has been experiencing a surge in its price, reaching a five-month high of $0.5, following rumors about the outcome of its legal battle with the SEC. The cryptocurrency had seen a 46% increase in value in the past month alone, according to data from CoinGecko.

Also Read: How Altcoins Will React Will Ripple Triumphs in the Ongoing Case

XRP investors expressed their concerns about Cramer’s comments, given his reputation as an inverse indicator in both traditional and crypto markets. Cramer’s predictions are known to often lead to the opposite outcome, as he unwittingly encourages his viewers to buy high and sell low.

Famous crypto lawyer and XRP advocate John Deaton humorously remarked:

“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’s Price

XRP’s price had been surging amid rumors of a potential victory over the SEC in its ongoing legal case. However, the cryptocurrency has experienced a price drop of over 5% to $0.53, down from $0.57, in the past 24 hours.

Despite the drop, XRP remains up by 27% on the weekly chart, and analysts have attributed the price fluctuations to ongoing regulatory developments that could impact the cryptocurrency’s value. Whether Cramer’s comments will have a direct effect on the market or not, is something that remains to be seen.

Also Read: Ripple Price Prediction 2023, 2024, 2025: Will XRP Price Reach $1 By The End Of 2023?

SEC vs. Ripple Case and the Binance Lawsuit

The SEC had filed a lawsuit in 2020, alleging that Ripple Labs, its CEO Brad Garlinghouse, and its co-founder, Christian Larsen, had raised over $1 billion by selling unregistered securities. The legal action has cast a shadow over Ripple and XRP, with the outcome of the lawsuit expected to impact the value of the cryptocurrency and the entire market in general.

Also Read : Ripple Execs Concerned About SEC’s Enforcement Approach in Lawsuit Verdict

Meanwhile, another top financial regulator, the Commodity Futures Trading Commission (CFTC), had filed a lawsuit against the top cryptocurrency exchange in the world, Binance, and its founder, Changpeng Zhao “CZ”, over allegations of offering unregistered derivatives products to traders in the United States. The lawsuit described Bitcoin, Ether, and Litecoin as commodities, which had fueled hopes that XRP would also be declared a commodity instead of a security.