Earlier this week, renowned American TV personality Jim Cramer engaged in a conversation with US SEC Chairman Gary Gensler, addressing various topics, including the ongoing legal conflict between the regulator and Ripple. Cramer asserted that the SEC had already lost the case, a remark that quickly went viral on social media, igniting heated discussions among the XRP community.
What Does Cramer’s View Mean?
Some investors interpreted Cramer’s perspective as a favorable indication that Ripple might prevail. However, skeptics pointed to his history of inaccurate cryptocurrency predictions, suggesting an unpredictable outcome. In December 2022, Cramer advised people to exit their poor crypto positions, a call that coincided with a significant surge in Bitcoin’s value.
How Did Past Predictions Fare?
At the beginning of 2022, Cramer forecasted an end to the market correction, encouraging increased interest in crypto assets. However, the year turned out to be disastrous for the industry, marked by significant bankruptcies like Terra and FTX. In 2023, an ETF was created to bet against Cramer’s advice, but it was closed and liquidated within the same year.
Key Points to Consider
For those following the Ripple and SEC saga, here are some critical insights:
- Jim Cramer’s latest discussion with SEC Chairman Gary Gensler focused on the legal battle with Ripple.
- Cramer’s opinion is seen by some as a positive indicator for Ripple, despite his history of incorrect predictions.
- The legal case, which began in December 2020, reached the trial stage in April 2024.
The legal process initiated in December 2020 when the SEC accused Ripple and some executives of raising over $1.3 billion through an unregistered securities offering via XRP sales. Numerous developments have occurred since, and the case reached the trial stage in April 2024, with some arguing Ripple’s position is bolstered by its three partial court victories in 2023. XRP’s price reacted positively to each win, indicating potential volatility upon the case’s final resolution.