Skip to content

XRP crashed this much since Jim Cramer’s comments on Ripple v. SEC case

XRP crashed this much since Jim Cramer’s comments on Ripple v. SEC case

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.

XRP 1-week price chart. Source: Finbold

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.

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.

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.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.