XRP community reacts to Jim Cramer expressing his defeat in Ripple case to SEC Chairman

The viral video of CNBC’s “Mad Money” host Jim Cranmer telling SEC Chairman Gary Gensler that he lost the Ripple case has drawn mixed reactions within the XRP community.

In a video that went viral in the crypto community, Cranmer told Gensler that he lost the XRP case.

“SEC lawsuit against Ripple Labs… You lost that one,”

Cranmer told Gensler in a June 5 CNBC interview.

Although the SEC achieved a partial victory in the lawsuit, Cranmer's comments suggest that the SEC did not get the results it hoped for.

Excerpts from the interview were shared by prominent crypto enthusiasts, including Amelie and Good Morning Crypto podcast host Abdullah “Abs” Nassif.

XRP Community Reactions

As expected, XRP community members have expressed a variety of reactions since the video went viral. Some XRP enthusiasts applauded Cranmer’s bold statement, while others highlighted that his comments indicated “bad” news for XRP holders.

The CNBC “Mad Money” host is a well-known figure in the crypto space who has been dubbed the “Reverse Cranmer.” He earned this title because his predictions often turned out to be the opposite of what was expected.

For example, after Cranmer predicted that “Mr. Bitcoin is about to fall,” the price of Bitcoin continued to soar.

Since most of Cranmer’s predictions have not come true, top crypto stakeholders advise investors to always do the opposite. Interestingly, investors have taken this advice. Whenever Cranmer gave a bullish signal on any asset, market participants humorously interpreted it as a sell signal.

After Cranmer’s recent comments to Gensler, XRP enthusiasts are hoping that the SEC will not be victorious against Ripple.

Current Status of SEC Lawsuit Against Ripple

Meanwhile, the SEC’s case against Ripple is almost over. U.S. District Judge Analisa Torres has already decided much of the lawsuit through her summary judgment issued in July 2023, giving both parties a partial victory.

Although Judge Torres declared the institutional sales to be investment contracts, she held that Ripple did not violate securities laws through its programmatic sales and other XRP distributions.

Still, the court must rule on two key issues in the lawsuit — the relief claim and Ripple’s motion to exclude Andrea Fox’s declaration. Both parties have filed relevant motions and are awaiting the court’s decision, which could happen at any time.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers are encouraged to perform thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.