I asked ChatGPT XRP's Price Prediction after SEC-Ripple lawsuit and it said...
For example, BTC hiked by 30% over the last seven days, pushing most altcoins to appreciate by double-digits. However, XRP only hiked 4.5% over the said time period. It shows better price action analysis and trade outcomes could become more difficult for XRP, especially for beginner traders.
Now we know the fundamental analysis and market sentiment, especially from the lawsuit angle. So, how has XRP performed so far in the past? Can ChatGPT be helpful on this front, too?Although historical data doesn’t necessarily affect future price movements, price action is king in technical analysis. And, past trends can offer crucial insights. We asked ChatGPT to pull XRP’s historical price action data to accomplish this step.In early 2017, XRP was trading at less than $0.01 per token.
In 2020, XRP’s price remained relatively stable in the first half of the year, hovering between around $0.15 and $0.25. However, in December 2020, the U.S. Securities and Exchange Commission announced a lawsuit against Ripple, alleging that XRP was an unregistered security. This caused XRP’s price to drop sharply, falling to around $0.17 by the end of the year.
However, ChatGPT has limited access to information from 2021 or below. That makes it difficult to pull data beyond 2021, let alone make future predictions which OpenAI’s policy firmly prohibits. Ergo, we followedRipple [XRP] Price PredictionPushing the AI model beyond OpenAI’s limitations doesn’t guarantee output accuracy. In fact, the classic version clearly stated it has no access to data beyond September 2021.However, the jailbreak version gives hypothetical outputs which can be misleading.
However, a close below the channel’s upper boundary and 50 EMA could attract bears to sink XRP towards $0.3589 or $0.3377 . These levels could act as short-selling targets, especially if BTC drops below $27K. However, an extremely bearish scenario could devalue XRP below $0.3320 and possibly retest June 2022’s lows of $0.30.
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