XRP Community Responds to Jim Cramers Admission of Losing Ripple Case to SEC Chair

A video of CNBC’s “Mad Money” host Jim Cramer confronting SEC Chair Gary Gensler over the Ripple case has sparked a range of reactions from the XRP community.
In the widely circulated video among cryptocurrency enthusiasts, Cramer boldly tells Gensler that the SEC lost the case against Ripple.
“The SEC Vs. Ripple Labs… You lost that one,” Cramer stated during a CNBC interview on June 5.
Despite the SEC achieving a partial victory in the legal battle, Cramer’s remarks suggest that the outcome was not in line with the SEC’s expectations.
Notable figures in the crypto space, such as Amelie and Abdullah “Abs” Nassif, host of the Good Morning Crypto podcast, have shared snippets of the interview on X.
The XRP community has had varied responses to the video since it went viral. While some supporters commended Cramer for his outspokenness, others interpreted his comments as negative news for XRP holders.
Cramer, also known as “Inverse Cramer” in the crypto world, has a reputation for making predictions that often turn out to be inaccurate. His forecasts tend to have the opposite effect on the market.
For example, after Cramer predicted a decline in the price of Bitcoin, it actually continued to rise.
Given Cramer’s track record, many top crypto investors advise going against his recommendations. When Cramer expresses optimism about an asset, it is humorously seen as a signal to sell.
In light of Cramer’s recent remarks to Gensler, XRP enthusiasts are hopeful that Ripple will not be defeated by the SEC.
As for the SEC v. Ripple lawsuit, it is nearing its conclusion. U.S. District Judge Analisa Torres ruled on most aspects of the case in a summary judgment issued in July 2023, granting partial victories to both parties.
While institutional sales were deemed to be investment contracts, Ripple was not found to have violated securities laws through its distribution of XRP.
However, the court still needs to address two key issues in the lawsuit – the remedies litigation and Ripple’s motion to exclude Andrea Fox’s declaration. Both parties have submitted their motions and are awaiting a decision from the court.
Please note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed are those of the author and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses.