A recent interview clip featuring CNBC’s Jim Cramer has excited the XRP community, as Cramer believes the lawsuit will favor Ripple.
Ripple has been embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC) since December 2020, and Cramer appears to suggest in the video that the SEC may not achieve its desired outcome in the case.
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Cramer’s Comments
Amelie (@_Crypto_Barbie) shared the now-viral interview snippet showing Cramer telling SEC Chair Gary Gensler that the SEC lost the Ripple case.
Ripple currently has three consecutive victories over the SEC. While the court ruled that institutional XRP sales were securities offerings, Cramer’s statement implies the SEC did not achieve its goals with the lawsuit.
The Community Reacts
Cramer’s statement unsurprisingly divided XRP holders. Some community members praised Cramer’s boldness, interpreting his words as a positive sign for XRP. However, others expressed concern, viewing his remarks as potentially negative for XRP’s future.
It’s important to consider Cramer’s reputation within the cryptocurrency space. He’s known as “Inverse Cramer” due to a perceived tendency for his predictions to move markets in the opposite direction. For example, Bitcoin’s price surged after Cramer predicted a decline.
In this context, many believe Cramer’s recent remarks regarding the lawsuit foreshadow a less successful outcome for Ripple. Although some in the community made these comments as lighthearted jokes, others seemed legitimately concerned. Many crypto investors have adopted a contrarian approach to his predictions, interpreting bullish signals as bearish indicators.
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What’s Next in the XRP Lawsuit?
The XRP lawsuit is nearing its conclusion. In July 2023, District Judge Analisa Torres issued a summary judgment decision that was a turning point in the lawsuit. She ruled that non-institutional XRP sales were not securities offerings, and the lawsuit is currently in the remedies phase to determine the appropriate penalties Ripple will pay for its institutional XRP sales.
Another unresolved aspect of the lawsuit is Ripple’s motion to exclude Andrea Fox’s testimony, arguing that she was an undisclosed expert witness. Both parties have submitted relevant motions, and the court’s decision is anticipated soon. However, a prominent attorney has shared his belief that the SEC will win this part of the lawsuit and keep Fox’s testimony.
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