Former stockbroker Jim Cramer, known for his anti-crypto stance, said that in the light of the latest move by US regulators, the 2 largest crypto companies in the market could collapse.
Jim Cramer says US regulators are threatening these crypto companies
XRP community members are worried as Jim Cramer says Ripple might win the SEC lawsuit. In recent weeks, the XRP community has been in an intense bull market. Ripple’s confidence in victory in the SEC lawsuit appears to be at an all-time high, while the price of XRP has been on the rise. cryptocoin.com As we reported, XRP broke the record for transaction volume on the largest exchanges in South Korea.
However, there may be reason for the community to worry now. CNBC Mad Money host Jim Cramer says he could lose during the SEC’s lawsuit against Ripple:
The SEC says they sell securities every day, there is a Ripple case, they may not even win the Ripple case, but the Binance case will be very, very different.
Company two: Binance could be in grave danger in CFTC lawsuit
As for the Binance case, which Cramer mentioned in his statements above, the leading exchange was recently sued by the US Commodity Futures Trading Commission (CFTC) for ‘trading violations’.
In a tweet on March 29 about this, Cramer described the case as an example of a “rogue company.” The CFTC accuses Binance and CZ of violating trading and derivatives rules by asking and accepting orders containing spot and derivatives transactions from US customers without being registered with the CFTC since July 2019. Cramer takes his anti-crypto stance in the Binance lawsuit, saying the lawsuit is “about a rogue company.”
Expressing his views on cryptocurrency, Cramer has recently urged investors to prefer gold over cryptocurrencies like Bitcoin to hedge against inflation or economic chaos.
How about XRP and BNB price?
Social media chatter aside, XRP continues to reclaim its local highs unabated. The recent price rally was mainly caused by the breakout of a descending wedge pattern on the daily chart. In terms of context, a breakout of this chart pattern tends to see the market move up at least 90% of the way up until the beginning of the pattern or before starting a major price correction that could cause the market to continue moving higher or in the opposite direction.
It is not yet clear which route XRP will take as this chart touches the beginning of its pattern. Technical analysts like Peter Brandt are of the opinion that XRP could break through the $3 price zone after this pattern.
Binance-backed cryptocurrency BNB (BNB) is tracking the overall momentum in the market, regardless of the litigation process. It followed its competitors with horizontal movements on a daily and weekly scale.
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