Jim Cramer Hits XRP Again, Calls XRP A “Giant Con”
The CNBC Mad Money host has taken a swipe at Ripple’s native coin XRP at a time when investors anticipate a price rally from the ruling on the Ripple v SEC case.
Jim Cramer, American TV personality and host of CNBC’s Mad Money show, has reiterated his resentment towards cryptocurrencies, especially XRP, recently calling the asset a con alongside other crypto assets. Cramer’s comments come when investors want to welcome a relief rally from the asset with the Ripple v SEC case nearing its terminus.
“The whole thing seems bottomless… It’s just a giant con, … Solana, XRP, Dogecoin, those are all cons.”
“We put up XRP, Solana, and Dogecoin; those are all, I believe, cons. Why don’t we put up a bunch of stocks valued at the same size? I’m tired of the con,” Cramer remarked, referencing asset quotes displayed on the show as he was hosted on a CNBC Squawk Box episode today.
“The whole thing seems bottomless…It’s just a giant con,” @jimcramer says about #crypto. “Solana, XRP, Dogecoin, those are all cons.” pic.twitter.com/RQyP8VaMSR
— Squawk Box (@SquawkCNBC) December 8, 2022
When asked what he would like to discuss on the show, Cramer began by referring to the FTX implosion and comments from Kevin O’Leary’s interview on a recent Squawk Box episode. According to Cramer, the FTX collapse has nothing to do with blockchain, which he believes is a terrific invention. He, however, claimed that most cryptocurrencies built on blockchain are con, including XRP.
He noted that blockchain technology is good and does not see anyone going against that. He addressed the XRP/USD quote displayed on the show, claiming that it does not deserve to be followed and that quotes of other assets should be put up in its place. ‘I just find that it’s a random group of things that we put up, and I question that,” Cramer added.
Jim Cramer is known within the wider crypto community as one of the most vocal crypto critics, seizing every opportunity to swipe at digital assets on his Mad Money program and other shows. The recent FTX implosion has made Cramer all the more outspoken regarding his animosity toward cryptocurrencies.
Last week, Cramer, who has been at the forefront of FTX criticism, called SBF “a total con artist.” On his Mad Money show Monday, Cramer advised all cryptocurrency investors to sell off their digital assets and abandon the space. He added that crypto assets such as XRP will likely fall further and go to $0.
Investors Anticipate an XRP Rally as the Ripple v SEC Case Nears its End.
XRP has remained flat in the past 24 hours after shedding almost 3% of its value in the past week. As reported on Tuesday, there remain growing uncertainties concerning the result of the legal tussle between Ripple and the U.S. Securities and Exchange Commission. These uncertainties have contributed to a downward momentum for the asset.
Notwithstanding, investors are anticipating a price rally upon the lawsuit’s conclusion, with both parties having presented their arguments against each other’s claims. As a final ruling edges closer, most crypto community believes a Ripple victory is imminent. Should this occur, the asset could launch a price rally against the prevalent consolidation trend within the broader market as it threads a deco path.
Recently, accomplished attorney John Deaton asserted that the SEC is highly unlikely to emerge victorious in the case against Ripple, highlighting some factors that have prompted his conviction. Additionally, some proponents anticipate a settlement request from the SEC once it notices that the case is leaning towards a Ripple victory.
Meanwhile, XRP’s determination to conquer the $0.40 level has triggered a motion that has seen the asset gain by 1.6% in the past 24 hours. With a 0.34% gain in the past hour, XRP currently trades at $0.3882.
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