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“Mad Money” host Jim Cramer is a welcome voice in cryptocurrency and blockchain discussions, but for a slightly different reason. For a long time, hosts’ comments and thoughts on Bitcoin and the cryptocurrency industry have often been the source of buy or sell decisions for some. However, Cramer’s effect on cryptocurrencies, and in this case XRP, is the exact opposite: when Cramer talks about it, it’s a “sell signal” for most people. And this is exactly what one market analyst believes is the potential catalyst that will drive XRP’s price action.
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According to cryptocurrency analyst EGRAG Crypto, if a host speaks favorably about XRP, it serves as its own “sell signal.” The analyst added that his comment represents the highest price for the asset, and will likely end its upward march.
XRP remains strong, consolidating at $1
Although Bitcoin is still dominating the markets as it tries to break the $100,000 mark, Ripple’s XRP is making its move. Days before the US elections, the price of XRP was in a sideways movement, ranging from $0.55 to $0.54.
#XRP – Sell signal 🦄:
When this guy starts talking about him #XRP The importance of owning, trading and storing it.
This is my sell signal until then, ride the waves. pic.twitter.com/rmazMF5cc5
— Egrag Crypto (@egragcrypto) November 25, 2024
Then, starting on Election Day, its price started to rise from $0.5031, breaking the $1 mark last November 16. On November 23, XRP reached a three-year high of $1.6335, reflecting a 220% increase in three weeks.
Starting on November 24, the price of XRP started to decline again, showing signs of correction. The Ripple token has remained in the red for four consecutive trading days, the first time in almost two months. Despite a “minor correction in the asset price,” XRP has consolidated above the $1 level and is currently trading at $1.4.
Selling according to Kramer’s insights?
Ripple’s XRP has been one of the best performing tokens on the market recently. It has risen by 26% in the past week, compared to Bitcoin’s increase of just 0.45% in the same period. With XRP showing strong consolidation at the $1 level, EGRAG jokingly stated that SRP will start losing momentum in the market once Cramer shares his thoughts and opinions.
According to EGRAG, the biggest sell signal for XRP occurs when host Cramer starts talking about XRP and recommends this token to new investors. The cryptocurrency commentator also shared that Cramer’s interest in XRP led to his exit from the market, but in the meantime he is riding the bullish wave.
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History of Cramer’s Comments on Bitcoin and Cryptocurrencies
Cramer constantly provides insights into Bitcoin and cryptocurrencies through his show Mad Money. But the host stood out because of his ideas and recommendations that promised otherwise. For example, during the first few days of January 2024, Cramer suddenly described Bitcoin as a technological marvel after years of dismissing the asset. Before announcing his ideas, BTC was trading at $45,000, but it quickly dropped to $41,000 after the public consumed the news.
Cryptocurrency holders and analysts have described this scenario as “reverse Cramer.” The principle of investing in cryptocurrencies is easy to follow, just do the opposite of what Cramer recommends. Now, according to EGRAG, the same scenario could happen to Ripple’s XRP. If Cramer decides to promote XRP, this is an EGRAG signal to sell, and the price of XRP will fall.
Featured image from DALL-E, chart from TradingView