Analyst Warns XRP Price May Drop Following Cramer’s Positive Comments
Jim Cramer, host of "Mad Money," influences crypto market movements, particularly regarding XRP. His positive comments on XRP are perceived as a "sell signal" by analysts like EGRAG Crypto, indicating potential price peaks and an end to bullish trends.
XRP Price Movement
While Bitcoin aims for the $100k mark, XRP is experiencing price consolidation around $1. Prior to the US elections, XRP fluctuated between $0.55 and $0.54.
#XRP – Sell Signal
:
When this guy starts talking about #XRP and the importance of owning it, and trading it and storing it.
This is my sell signal until then ride the waves. pic.twitter.com/rmazMF5cc5
— EGRAG CRYPTO (@egragcrypto) November 25, 2024
On election day, XRP's price rose from $0.5031, surpassing $1 on November 16th and hitting a three-year high of $1.6335 on November 23rd—a 220% increase over three weeks. Since November 24th, XRP has shown signs of correction, trading at $1.4 after four consecutive days in the red.
Cramer's Influence on XRP
XRP outperformed Bitcoin recently, rising 26% in one week compared to Bitcoin’s 0.45%. EGRAG suggests that if Cramer promotes XRP, it would indicate a loss of market momentum for the token. Cramer’s commentary is viewed as a signal for analysts to exit positions.
Cramer’s Historical Impact on Crypto
Cramer frequently shares insights on Bitcoin and crypto, gaining notoriety for predictions that often lead to opposite outcomes. For instance, his early January 2024 praise for Bitcoin coincided with a drop in its price from $45k to $41k. This phenomenon is termed the “Cramer Inverse,” where investors follow the principle of acting contrary to Cramer’s recommendations. EGRAG warns that if Cramer endorses XRP, it may suggest a forthcoming price decline.
Featured image from DALL-E, chart from TradingView