Legendary stockbroker Jim Cramer voiced similar accusations for 3 altcoins shortly after Michael Saylor’s statements that he was targeting Ripple and Ethereum.
Jim Cramer calls these altcoin projects scams
Cramer, the host of CNBC’s financial program Mad Money, made some harsh statements about XRP at a time when investors were expecting a price increase from the decision in the Ripple-SEC lawsuit. The former stockbroker reiterated his anger towards the cryptocurrency market, specifically XRP. Cramer’s comments were for investors expecting an XRP rally after the lawsuit. Your statements targeted 2 more altcoins besides XRP:
Everything seems bottomless… It’s just a giant scam… Solana, XRP, Dogecoin, these are all cons.
“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
Cramer also stated that XRP is treated differently. He questioned why cheap stocks don’t get the same treatment as cryptocurrencies. He named tech stocks such as Rent the Runway (RENT) and Stitch Fix (SFIX). His catchy explanation was that he claimed XRP, Dogecoin (DOGE), and Solana (SOL) were the “minus aspects” of the market.
“Sam Bankman-Fried is a swindler”
Cramer then commented on the collapse of FTX that came to light in November. He said that the FTX crash had nothing to do with Blockchain technology, which he believed was a great invention. However, he claimed that most cryptocurrencies, including XRP, are scams. Cramer is known within the wider crypto community as one of the most vocal crypto critics. He takes every opportunity to dress himself in cryptocurrencies in his Mad Money program or other programs. The recent FTX boom has made Cramer more outspoken about his hostility towards cryptocurrencies. As we quoted as Kriptokoin.com, the former CEO recently described SBF as “a complete fraud”.
Investors expect XRP rally as Ripple-SEC lawsuit draws to a close
The legal dispute between Ripple and the SEC continues amid uncertainty. In this environment, it triggers a downward momentum for XRP. Ripple backer is still confident that a positive case result will rally. As the final decision draws near, most crypto investors believe a Ripple victory is imminent. In such a case, XRP will prepare a price rally against the widespread consolidation trend in the market.
Recently, successful attorney John Deaton highlighted some of the factors that led to his conviction, arguing that the SEC is unlikely to win in the lawsuit against Ripple. Additionally, some advocates are waiting for a settlement request from the SEC when they realize that the case is headed towards a Ripple victory.
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