Last week CNBC host and TV personality Jim Cramer commented that the Securities and Exchange Commission (SEC) “may not even win” its lawsuit against Ripple, and after a strong week of gains, the XRP token fell 3% immediately after Cramer’s video went viral.
In response, attorney John E. Deaton shared his thoughts on Cramer’s remarks on the crypto market’s movements and specifically XRP in a tweet on March 30, calling on the host to return to calling the token ‘a scam.’
“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.
The token is down 3.45% in the last 24 hours despite the fact that the majority of the top 20 cryptocurrencies by market capitalization are currently trading in the green.
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.
In addition, he advised his viewers to buy shares of the parent company of Silicon Valley Bank just a few weeks before SVB’s implosion, the spark for the banking crisis, and he also promoted yet another failed lender, Signature Bank, one year earlier.
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