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Ripple is in trouble: how did a famous TV presenter influence?

Ripple is in trouble: how did a famous TV presenter influence?

The cryptocurrency Ripple (XRP) has experienced a unprecedented rise in recent daysspurred by growing evidence of a victory in the SEC court case against the FinTech company.

Ripple accumulated five consecutive rises until this Thursday, after having shot up 25% in one day. However it operates with losses 2.2%.

However, an event occurred that calls into question not only the outcome of the court case, but perhaps even the continued existence of XRP.

The famous CNBC host Jim Cramer has recently said that the SEC could lose the case against Ripple. However, what on the surface sounds like a positive statement for XRP it could turn out to be a gate to hell.

Cramer has earned in recent years the dubious reputation of being a contraindicator of the marketsbecause they usually do the opposite of what he thinks they are going to do. There is even the Inverse Cramer ETF (“Inverse Cramer”).

His most recent stroke of wit was an assessment of the US banking system in which he was explicitly positive about the already disappeared Silicon Valley Bank and the battered First Republic Bank.

In view of this, the recent euphoria of the Ripple community turned into nervousness. This is stated by lawyer John E. Deaton, who represents the interests of thousands of XRP investors in the SEC’s lawsuit against Ripple: “At the very moment that the price of XRP stopped moving upwards and made a turn of 180, that’s when Jim Cramer said Ripple could win. Jimmy Chill can you call this a scam again please?” the lawyer tweeted.

Ripple currently accumulates losses of 3.21%with the XRP/USD pair at $0.5397, while his weekly gain amounts to 24.48%.

He retracement from the highs of $0.5820 it has already reached the 23.6% Fibonacci retracement of $0.5267. This support level should hold at the close of the day for the recent highs to be reconquered immediately.

If the bulls fail to defend this level consistently, attention will be on the 38.2% Fibonacci retracement of $0.4925. This support level is reinforced by the psychological level of $0.5000 and the highs of March 21, registered at $0.4926.

Source: Ambito

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