XRP Community Reacts to Jim Cramer Telling SEC Chairman He Lost Ripple Case

A video of CNBC’s “Wild Money” host Jim Cramer telling SEC Chairman Gary Gensler that he lost the Ripple case sparked mixed reactions within the XRP community.

In a video that went viral in the crypto community, Cramer told Gensler to his face that he lost the XRP case.

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

Cramer told Gensler in a June 5 CNBC interview.

While the SEC achieved a partial victory in the lawsuit, Cramer's comments suggest the agency did not get the outcome it hoped for.

Prominent crypto enthusiasts, including Amelie and “Good Morning Crypto” podcast host Abdullah “Abs” Nassif, have shared excerpts from the interview on X.

Mixed reactions from the XRP community

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

The CNBC “Fever Money” host is a well-known figure in the crypto space and is often referred to as the “reverse Cramer.” He earned this title because his predictions often turned out to be the opposite of what was expected.

For example, shortly after Cramer predicted that “Mr. Bitcoin is about to drop,” the price of Bitcoin continued to surge.

Since most of Cramer’s predictions did not go as he expected, top crypto stakeholders advise investors to always do the opposite of what Cramer recommends. Interestingly, investors have bought into this advice. Whenever Cramer gives a bullish signal on any asset, market participants humorously interpret it as a sell signal.

Following Cramer’s recent comments about 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 litigation in a summary judgment issued in July 2023, handing partial victories to both sides.

While Judge Torres declared that the institutional sales were investment contracts, she noted that Ripple did not violate securities laws through its programmatic sales and other XRP distributions.

However, the court still needs to determine two key issues in the lawsuit - the relief lawsuit and Ripple's motion to exclude Andrea Fox's declaration. The parties have filed related motions on both issues and are awaiting the court’s decision, which could come 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 contain the personal opinions of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to conduct in-depth research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.