According to CryptoPotato, American TV personality Jim Cramer has stirred up controversy with his recent comments on the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple. Cramer suggested that the SEC has already lost its case against Ripple, a claim that has sparked mixed reactions on social media platforms.
The lawsuit, which began in December 2020, revolves around allegations that Ripple and some of its executives illegally raised over $1.3 billion through an unregistered securities offering by selling XRP. The case has seen numerous developments since its inception, with Ripple securing three partial court victories in 2023. These wins have had a positive impact on XRP's price, leading to speculation that the eventual resolution of the lawsuit could trigger further volatility.
Cramer's stance has been met with both support and skepticism. Some view his comments as a positive sign that Ripple will ultimately prevail in the lawsuit. However, others have pointed to Cramer's past inaccurate predictions about the crypto market as a reason to doubt his current assessment. For instance, in December 2022, Cramer advised individuals to cash out their 'awful' crypto positions, a recommendation that was proven wrong when Bitcoin's value surged by over 300% subsequently.
In 2023, an exchange-traded fund (ETF) was launched that bet against Cramer's tips. This ETF, however, was closed and liquidated at the beginning of 2024. Despite the mixed opinions, Cramer's comments have certainly added a new layer of intrigue to the ongoing legal battle between Ripple and the SEC.