spot_img
HomeCrypto NewsXRP Sentiment Shows Significant Improvement Since Cramer Called It A 'Giant Con'

XRP Sentiment Shows Significant Improvement Since Cramer Called It A ‘Giant Con’

Date:

Written By:

Latest News

- Advertisement -

Cramer’s prediction that XRP goes to zero is not playing out.

- Advertisement -

It has been over a month since CNBC Mad Money host Jim Cramer bashed XRP as a “giant con,” predicting that it would experience further drops and eventually get to zero.

However, at the time of writing, the sentiment surrounding the 6th largest crypto by market cap is significantly positive. In addition, while it did experience an over 20% dip in the aftermath of Cramer’s statements, including a 10% flash crash early in the year to $0.30, the asset has since recouped the majority of these losses, trading near the price at which the TV personality predicted a drop to zero. 

When Cramer predicted a drop to zero, XRP was trading at the $0.3886 price point. At press time, XRP is trading at the 0.3772 price point, up 3.27% in the last 24 hours and 8.65% in the last seven days.

Crypto analytics platform Santiment Feed, in a tweet yesterday highlighting the token’s strong performance despite a weak broader market performance at the time, noted that address activity and social dominance have spiked in the past week. Per the shared data, XRP boasts about 136.19k daily active addresses with a social dominance of 1.15%.

It bears mentioning that strong price performances are not the only ways XRP has bucked overall negative trends this year. As recently reported, XRP investment products received $3 million in institutional inflows in the first week of the year, while other major cryptocurrencies recorded outflows.

Recall that XRP is Santiment’s crypto pick of the month, showing solid price action and on-chain metrics. In addition, prominent analyst Egrag Crypto has shared analysis indicating that the asset is currently on course to replicate its 2017 bull run with a price target of $80, a whopping $22,902% upside potential.

- Advertisement -

It is worth noting that Cramer has built a reputation for making wrong calls in the crypto and stock markets. As recently highlighted by IncomeSharks, the pundit has developed a knack for championing assets while they are making significant gains and have potentially topped out while bashing them when they have declined significantly and potentially bottomed out. Consequently, the TV personality’s stance on crypto has often changed, and we have seen him move from a critic to a supporter and back to a critic again.

Cramer recently predicted a weak year for crypto. However, Bitcoin has rallied in response, gaining about 8.97% since.

- Advertisement -

Author

Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

More from Author