- The XRP community is confident of victory in the SEC vs. Ripple case as the ruling approaches.
- CNBC Mad Money host Jim Cramer predicts victory for Ripple in the case, causing concerns and controversies among some XRP enthusiasts.
The XRP community is optimistic about the upcoming outcome of the SEC vs. Ripple case, with the ruling expected to be made soon. CryptoLaw founder John Deaton and other Ripple-pro attorneys have been constantly supporting the blockchain company, adding to the community’s confidence. CNBC Mad Money host Jim Cramer has also recently predicted victory for Ripple, saying that the 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.
Although Cramer’s prediction has served as a boost to the XRP price, some analysts and crypto enthusiasts are concerned given his track record of inaccurate predictions. Last year, Cramer issued a public apology over his failed Meta stock predictions, and his prediction about the Coinbase stock was also found to be incorrect. Some stock and crypto enthusiasts have even labeled his financial advice as the “Inverse Cramer ETF.”
Despite this, the XRP price has recorded a weekly surge of 18.5%, trading at $0.532342. However, its 24-hour performance has been disappointing, with a 5.77% decline. 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?
However, some analysts 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, but the price surge after the snapshot on March 24 is said to be unexplained by some analysts.
In conclusion, the XRP community remains optimistic about the SEC vs. Ripple case, with the ruling expected to be made soon. Cramer’s prediction has caused some concerns and controversies among crypto enthusiasts, given his track record of inaccurate predictions. Despite this, the XRP price has recorded a significant weekly surge, and some analysts believe that the price rally is due to the breakout of a descending wedge pattern on the daily chart. The community remains hopeful that the XRP price will continue to rise in the coming weeks.