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 about the Ripple case has sparked a range of responses from the XRP community.
In the widely circulated footage among cryptocurrency enthusiasts, Cramer directly told Gensler that the SEC lost the XRP case.
“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 imply that the regulatory body did not achieve its desired outcome.
Key figures in the crypto space, such as Amelie and Abdullah “Abs” Nassif, host of the Good Morning Crypto podcast, have shared a snippet of the interview on X.
The XRP community has been divided in their reactions to the video since it gained traction. While some supporters of XRP commended Cramer for his bold statements, others interpreted his comments as a sign of negative developments for XRP holders.
Cramer, known as “Inverse Cramer” in the crypto realm, has a reputation for his predictions often having the opposite effect. For example, after Cramer predicted a decline in the price of Bitcoin, the cryptocurrency actually surged.
Given Cramer’s track record of predictions not panning out as expected, prominent figures in the crypto industry advise investors to take the opposite approach to his recommendations. This advice has been humorously embraced by market participants, who view Cramer’s positive signals as sell indicators.
Following Cramer’s recent exchange with Gensler, members of the XRP community are hopeful that Ripple will not be defeated by the SEC.
As for the ongoing SEC v. Ripple lawsuit, the case is nearing its conclusion. U.S. District Judge Analisa Torres ruled on most aspects of the lawsuit in July 2023, granting partial victories to both parties.
While Judge Torres categorized institutional sales as investment contracts, she determined that Ripple did not violate securities laws through its programmatic sales and other XRP distributions.
However, there are still two crucial matters to be resolved in the lawsuit – the remedies litigation and Ripple’s motion to exclude Andrea Fox’s declaration. Both parties have submitted their motions for these issues and are awaiting the court’s decision, which could be issued at any time.
Disclaimer: This article provides information and should not be taken as 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 thorough research before making investment decisions. The Crypto Basic is not liable for any financial losses incurred.