Analyst Flags Biggest Reason To Sell
“Mad Money” host Jim Cramer is popular in cryptocurrency and blockchain discussions, but for a slightly different reason. For a long time, the host’s comments and insights on Bitcoin and the cryptocurrency industry have often become the source of some people’s buying or selling decisions. However, Cramer’s effect on a cryptocurrency (in this case, XRP) is exactly the opposite: when Cramer talks about it, it’s a “sell signal” for most people. That’s exactly what one market analyst thinks about the potential catalysts driving XRP price action.
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According to cryptocurrency analyst EGRAG Crypto, if the host talks positively about XRP, this is his “sell signal.” The analyst added that his comments marked the highest price for the asset and could end its bullish run.
XRP remains strong, consolidating at $1
While Bitcoin continues to dominate the market and attempts to break the $100,000 mark, Ripple’s XRP is making moves. In the days leading up to the US election, the price of XRP moved sideways, ranging from $0.55 to $0.54.
#ripplecoin – SELL SIGNAL 🦄:
when the person starts talking #ripplecoin and the importance of owning, trading and storing it.
This is my sell signal until the wave breaks. pic.twitter.com/rmazMF5cc5
— EGRAG Crypto (@egragcrypto) November 25, 2024
Then, starting on Election Day, its price started rising from $0.5031 and broke through the $1 mark on November 16 last year. On November 23 last year, XRP hit a three-year high of $1.6335, rising 220% in three weeks.
Starting on November 24, the price of XRP began to fall again, showing signs of a correction. Ripple’s token has posted losses for four consecutive trading days, the first time in nearly two months. Despite a “minor price correction” for the asset, XRP has consolidated above the $1 level and is currently trading at $1.4.
Selling on Cramer’s insights?
Ripple’s XRP has been one of the best-performing coins on the market recently. It is up 26% over the past week, while Bitcoin has gained just 0.45% during the same period. With XRP showing strong consolidation at the $1 level, EGRAG jokingly mentioned that SRP will start to lose its market momentum once Cramer shares his thoughts and opinions.
According to EGRAG, the biggest sell signal for XRP comes when host Cramer starts talking about XRP and recommends the coin to new investors. The cryptocurrency commentator further stated that Cramer’s focus on XRP triggered his exit from the market, but in the meantime, he is riding a bullish wave.
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Cramer’s History of Comments on BTC and Cryptocurrencies
Cramer continues to provide insights on Bitcoin and cryptocurrencies through his Mad Money show. However, the presenters, who are getting attention for their insights and advice, end up doing exactly the opposite. For example, in the first days of January 2024, Cramer suddenly called Bitcoin a technological miracle after years of being dismissive of it. Before making his insights public, Bitcoin was trading at $45,000, but soon fell to $41,000 after the news became known to the public.
Cryptocurrency holders and analysts describe this situation as a “Cramer inverse.” This cryptocurrency investing principle is easy to follow—just do the opposite of Cramer’s advice. Now, according to EGRAG, the same scenario could happen with Ripple’s XRP. If Cramer decides to promote XRP, EGRAG issues a sell signal and the price of XRP will fall.
Featured images from DALL-E, charts from TradingView
