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- CNBC’s Jim Cramer predicts a win for Ripple in the lawsuit against SEC.
- However, the market decline has been linked to his prediction due to his consistently wrong forecasts.
The XRP community is very confident of victory in the SEC vs. Ripple case as the ruling gets closer. In addition to the constant positions of CryptoLaw founder John Deaton and other Ripple-pro attorneys, CNBC Mad Money host Jim Cramer has become the latest to predict victory for Ripple. According to him, SEC may lose the case against the blockchain company.
SEC says look they’re creating securities day after day after day there’s a Ripple case they may not even win the Ripple case but the Binance is very very different.
Even though his prediction serves as a real boost to the XRP price, others are quite concerned considering the fact that his predictions usually go the opposite of what is conveyed. Last year, Cramer was seen issuing a public apology over his failed Meta stock predictions. Prior to that, his prediction about the Coinbase stock was also found to be wrong. Some stock and crypto enthusiast labels his financial advice as “Inverse Cramer ETF”. Dogecoin co-founder Billy Markus even urged him to stop giving price predictions. Also, Bloomberg analyst Eric Balchunas called him out for saying crypto has no real value back then.
This would be fine if he a) was a crypto skeptic all along b) ack that he was pushing it when it was going up and got call wrong. Instead he’s a bandwagoner on steroids- last guy to praise stuff bf it collapses and last guy to trash it bf it rebounds. WHERE IS INVERSE CRAMER ETF?
XRP price decline linked to Cramer’s prediction
The XRP price has recorded a weekly surge of 18.5 percent to trade at $0.532342. However, its 24-hour performance has been quite a disappointment with a 5.77 percent fall. According to Deaton, the 24-hour U-turn is directly related to Cramer’s prediction.
The very moment XRP’s price stopped moving upward and did a 180 turn was win @jimcramer said Ripple might win. Jimmy Chill can you go back to calling it a scam please?
According to one user, Cramer’s prediction is “The Kiss of Death.” Another user who wrote that “even a broken clock is right twice a day, ” however, expects that the pundit could be right at least on this one.
Some analysts also believe that the price rally is due to the breakout of a descending wedge pattern on the daily chart. Veteran trader Peter Brandt stated that the daily chart showed the formation of a compound fulcrum bottom pattern. The analysts observed that the pattern occurs after the complex head and shoulders chart pattern is formed following a prolonged decline. After this pattern is fulfilled, the asset could trade above $3.
If the Fulcrum Bottom is legitimate, then maybe the massive consolidation below the 2018 high resolves to the upside, and maybe the minimum price target is above $3.00, making this a 10:1 minimum trade setup.
The initial rally of XRP was linked to the Coreum airdrop snapshot, however, the price surge after the snapshot on March 24 is said to be unexplained by some analysts.
