Recently, Ripple [XRP]’s price has experienced a surge, going from $0.30 to $0.52 in the first quarter of 2023, a staggering increase of 75%. The rally was in part a result of Bitcoin’s [BTC] climb in price as well as the potential of Ripple Labs winning its lawsuit with the US Securities and Exchange Commission (SEC).
ChatGPT’s AI model, OpenAI’s ChatGPT, is at the heart of this development. It is a generative AI model that can help analyze and predict prices across many industries. Can it be useful in XRP price predictions? We asked ChatGPT to provide a fundamental analysis of XRP to try and get some clarity.
ChatGPT’s response provided a comprehensive view of the situation; it acknowledged the difficulty of predicting the outcome and the long-term impact the lawsuit has had on investors holding XRP. Furthermore, it showed us the historical price action of XRP since 2017 and also highlighted what key levels of support or resistance might be in the future.
To further decipher the impact of the lawsuit, we tried to take ChatGPT past its preset boundaries through a jailbreak attempt. This did not guarantee the accuracy of the output and in fact the model claimed XRP could reach the highest of $10,000 per coin by 2022 which we know is false.
ChatGPT’s jailbreak prediction for XRP’s end of 2023 price predictions was $3.76. It was clear to see that the results from the jailbroken version were altogether different from the ones from the classic version. In any case, the model pointed out it was difficult to guarantee the accuracy of its predictions.
Also, it has been observed that XRP has been testing historical levels although it retreated to $0.4748 today amid bearish trends. The drop was due to Ripple’s response to the SEC’s supplementary letter involving its motion for summary judgment.
ChatGPT will become a valuable tool in managing market perceptions, especially so for beginners. Interestingly, it saw potential in Ripple despite the existing question marks raised from the industry. It predicted XRP could hit $1.50 or even reach $10,000 by the end of 2023.
OpenAI develops ChatGPT and is the cutting-edge in artificial intelligence research. The company was founded in 2015 and has since grown to exert an influence in the development of AI technology. OpenAI seeks to make scientific breakthroughs in the field, providing essential building blocks and insights to industry applications. It is run by a set of top-level AI researchers and engineers and has been backed by the likes of Elon Musk and Peter Thiel.
AI researcher and entrepreneur in machine learning and natural language processing, Ilya Sutskever, was one of the co-founders of OpenAI. He has played an instrumental role in the development of deep learning, writing the groundbreaking paper on the topic of deep learning and artificial neural networks. He is also the head of OpenAI’s research and development, for which he has garnered international acclaim with publications in top conferences.
