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Earlier this week, popular American TV star Jim Cramer participated in a discussion with US SEC Chairman Gary Gensler. They touched on numerous topics, including the ongoing legal battle between the regulator and Ripple. According to Cramer, the SEC has already lost the case. The celebrity’s comments went viral on social media platforms like X and sparked controversial debates among the XRP community.
The XRP and SEC Race Continues
Some investors saw Cramer’s stance as a positive sign that Ripple would win the case. However, many recalled his past incorrect crypto predictions, suggesting the opposite scenario is possible. In December 2022, Cramer advised individuals to cash out their bad crypto positions, arguing it was never too late to exit the ecosystem. Since then, Bitcoin’s price has risen by over 300%.
In another instance, at the beginning of 2022, he predicted the end of the then-prevailing market correction and suggested people should increase their interest in crypto assets. Those who have followed the sector for the past few years should be aware that 2022 was devastating for the industry, witnessing significant disasters like the Terra and FTX bankruptcies.
In 2023, a fund traded on the stock exchange was established to bet against Cramer’s tips. Many X users stated they would not follow this product’s claims, hoping for the SEC to win. It is worth noting that the ETF process was closed and liquidated earlier this year.
Details of the Legal Process
The legal process began in December 2020 when the SEC accused Ripple and some executives of illegally raising over $1.3 billion through an unregistered securities offering by selling XRP. The case witnessed numerous developments over the following years and reached the trial stage in April 2024.
Some argue that Ripple is the underdog due to its three partial court victories throughout 2023. XRP’s price reacted positively after each victory, indicating that increased volatility might reappear after the case’s final resolution.
