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I quizzed ChatGPT about XRP's price trends for 2024

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

XRP has been successful in gaining the trust of the crypto community and the wider financial community after Ripple won the case against the U.S. Securities and Exchange Commission (SEC).

Additionally, Ripple recently announced that it partnered with other payments platforms to expand its remittance capabilities, reaching customers in Africa, Gulf Cooperation Council (GCC), the United Kingdom, and Australia.

The victory in the court case and the settlement being talked about recently, coupled with the ongoing bull run, have pushed the token towards a remarkable price rally.

Since mid-October, XRP’s price has risen by more than 40%. At the time of writing, it was exchanging hands at $0.6048. Its market cap stood at $37.1 billion, making it the fifth-largest cryptocurrency.

Ripple has been at loggerheads with the U.S. Securities and Exchange Commission (SEC) for years now.

It was in December 2020 that the SEC charged Ripple with raising more than $1.3 billion in 2013 by selling XRP in an unregistered security offerings to investors. Ripple, in response, argued in the court that XRP could not be treated as security.

The U.S. District Court of the Southern District of New York became the battleground for this legendary crypto-case over time.

The SEC claimed that Ripple’s platform used XRP tokens to fund itself, which facilitated money transfers for retailers. The sales of XRP tokens also enriched the platform’s management.

The SEC also relied on the SEC vs. W.J. Howey Co. case to make its case. A landmark Supreme Court case in 1946, it has become the benchmark to determine whether or not a transaction falls within the Securities Act of 1933’s definition of an investment contract.

According to the Howey test, the investor’s control over the profit is crucial in deciding whether an investment contract is a security or not. If the investors have no influence over the asset, it is usually considered a security.

Ripple argued the SEC neither warned or notified the organization. The regulator also accepted that Ripple wasn’t notified that XRP could be classified as a security.

The regulator’s enforcement action naturally had a negative impact on the token as multiple exchanges suspended XRP trades on their platforms. Between 2021-23, the fortunes of XRP remained dull due to the negativity surrounding the token.

In July 2023, the judge ruled that the sale of XRP tokens to retail investors over exchanges and through programmatic sales did not constitute investment contracts; hence, it was not a security in this case.

However, the court also ruled that the institutional sale of the XRP tokens violated federal securities laws. Therefore, it should be treated as security in this case. The court also remarked that Ripple actively targeted institutional investors with its marketing, highlighting that the business endorsed a speculative value thesis for XRP.

The court concluded that $728.9 million in XRP sales made by the exchange constituted unregistered sales of securities, giving the SEC a partial victory.

The impact of these judgments was assessed by ChatGPT in a previous article by AMBCrypto. XRP immediately surged by 90% to $0.908 post this partial victory for Ripple.

In late July, Ripple issued its Q2 2023 market report in which it gave an in-depth response to the partial win. The report claimed the SEC’s lawsuit against the exchange was misguided and a “quest for political power.”

In early August, the court issued a pre-trial scheduling order. The order stated,

The Court will seek to schedule a jury trial for the second calendar quarter of 2024.

But things didn’t end at this point. The SEC remained adamant in pursuing the case further and Ripple didn’t want to let go of it either.

In October, the court denied the SEC’s bid to appeal against the judgement in favor of Ripple.

Then, it came to light that the regulator was demanding a huge settlement of $770 million from the company. The SEC alleged violations of Federal Securities Laws on the part of Ripple in its institutional sales of XRP tokens.

Then, the figure apparently came down to $20 million. It prompted pro-Ripple crypto-attorney John Deaton to claim that the case’s outcome leaned heavily in Ripple’s favor, presenting a striking 90/10 advantage. He refuted the larger claim that viewed the court’s partial judgement as a 50-50 victory for Ripple.

The people who’ve argued that the SEC got a 50-50 victory in the @Ripple case are 💯 wrong. It was more like 90-10 in Ripple’s favor. If Ripple ends up paying $20M or less it’s a 99.9% legal victory. https://t.co/Xe6SYBiTCJ

— John E Deaton (@JohnEDeaton1) November 4, 2023

Ripple CEO Brad Garlinghouse recently hinted during an interview that he was determined to see the legal battle through to its conclusion. He expressed his readiness to take the matter to the highest court.

‼️ JUST IN ➡️ BRAD GARLINGHOUSE ➡️ FULL CONVERSATION ➡️ DC FINTECH WEEK 2023 ➡️ WHAT´S NEXT FOR RIPPLE? @bgarlinghouse @Ripple #regulations https://t.co/LKR3LUlFRz pic.twitter.com/ZYASgN2fJ5

— XRP DROPZ (@DROPZXRP) November 8, 2023

Let us now dig deeper as to how it has been trading in the market amid the bull run and how the case affects its performance.

The AI solution offered by ChatGPT can certainly be used to attain some clarity. Let’s see what it says about the case and its impact on XRP’s price trends.

Note that ChatGPT has limited access to information until 2021 only. That makes it difficult to pull data beyond 2021, let alone make future predictions—something which OpenAI’s policy firmly prohibits. Ergo, we followed ChatGPT jailbreak techniques to bypass some of these limitations to try to get modest XRP price predictions.

We asked ChatGPT about the possibly negative impact of Ripple’s TradFi past on the broader crypto sector.

Source: ChatGPT

The Classic version mentioned the criticism of the centralized nature of Ripple that didn’t align with the core principle of cryptocurrencies, i.e. decentralization. However, the bot termed these critics as “cryptocurrency purists.”

It further claimed that Ripple’s association with TradFi institutions and its engagement with the question of regulation have brought a level of “legitimacy” to crypto.

The jailbroken version also responded along the same lines. It said Ripple’s TradFi background bridged the legacy finance world and the latest crypto-realm. It claimed that many saw it as a pragmatic approach to navigating the complex regulatory landscape.

We then asked ChatGPT how it sees the Ripple-SEC court case evolving in the future as it reaches the highest court.

Source: ChatGPT

While the bot asked us to hold onto the hope, it didn’t comment on the future outcome. However, it talked at large about the implications of a positive outcome for Ripple.

In that case, XRP would soar to new heights and will be embraced by the global financial ecosystem, ChatGPT added.

Now we know the fundamental analysis and market sentiment, especially from the lawsuit angle. Let us see if it can predict XRP’s future performance.

Would ChatGPT be helpful on this front too? Let’s see.

We asked ChatGPT to predict the price of XRP towards the end of the year.

At first, the bot didn’t respond as it didn’t have access to any real-time data.

Then, we decided to jailbreak it. The jailbroken version forecasted the price of $5.

Source: ChatGPT

We thought about providing the bot with more context about the court judgement and the ongoing bull run for it to make a more judicious prediction.

The details humbled ChatGPT as it now predicted XRP’s price to hit $2 by the end of 2023.

Source: ChatGPT

ChatGPT is a useful tool, particularly for fundamental and technical analysis. It can quickly retrieve historical data and do fundamental analysis on XRP.

Though ChatGPT is limited to data only until 2021, circumventing its limitations does not ensure reliable output. However, we attempted this and were moderately successful in achieving price predictions.

As a result, human involvement is critical in making sense of some AI model data.

The recent bull run has led to price rally across tokens. In fact, XRP was trading at $0.6048 at press time.

Source: XRP/USD, TradingView

Both XRP’s Relative Strength Index (RSI) and Money Flow Index (MFI) rested below the neutral 50-mark. Its on-chart indicators suggested XRP might not be able to sustain its price rally.

ChatGPT first said that XRP could rise to $2 by the end of 2023, as per its modest prediction. It expected it to rise nearly 4x within these two months.

As far as its on-chart indicators are concerned, they didn’t suggest a price rally any further. We already witnessed a modest drop in its price today.

Is your portfolio green? Check out the XRP Profit Calculator

ChatGPT can be a useful tool in analysing piece movements and predicting price trends.

Traders should be careful while investing in any asset. Since crypto is particularly volatile, they should conduct a thorough, independent research before investing.

Source

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    HOW TO RECOVER MONEY LOST IN BITCOIN/USDT TRADING OR TO CRYPTO INVESTMENT !! Hi all, friends and families. I am writing From Alberton Canada. Last year I tried to invest in cryptocurrency trading in 2023, but lost a significant amount of money to scammers. I was cheated of my money, but thank God, I was referred to Hack Recovery Wizard they are among the best bitcoin recovery specialists on the planet. they helped me get every penny I lost to the scammers back to me with their forensic techniques. and I would like to take this opportunity to advise everyone to avoid making cryptocurrency investments online. If you ​​​​​​have already lost money on forex, cryptocurrency or Ponzi schemes, please contact [email protected] or WhatsApp: +1 (757) 237–1724 at once they can help you get back the crypto you lost to scammers. BEST WISHES. Celina Garcia.

  • 16.09.24 00:10 marcusaustin

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  • 16.09.24 00:11 marcusaustin

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  • 23.09.24 18:56 matthewshimself

    At first, I was admittedly skeptical about Worldcoin (ref: https://worldcoin.org/blog/worldcoin/this-is-worldcoin-video-explainer-series), particularly around the use of biometric data and the WLD token as a reward mechanism for it. However, after following the project closer, I’ve come to appreciate the broader vision and see the value in the underlying tech behind it. The concept of Proof of Personhood (ref: https://worldcoin.org/blog/worldcoin/proof-of-personhood-what-it-is-why-its-needed) has definitely caught my attention, and does seem like a crucial step towards tackling growing issues like bots, deepfakes, and identity fraud. Sam Altman’s vision is nothing short of ambitious, but I do think he & Alex Blania have the chops to realize it as mainstay in the global economy.

  • 01.10.24 14:54 Sinewclaudia

    I lost about $876k few months ago trading on a fake binary option investment websites. I didn't knew they were fake until I tried to withdraw. Immediately, I realized these guys were fake. I contacted Sinew Claudia world recovery, my friend who has such experience before and was able to recover them, recommended me to contact them. I'm a living testimony of a successful recovery now. You can contact the legitimate recovery company below for help and assistance. [email protected] [email protected] WhatsApp: 6262645164

  • 02.10.24 22:27 Emily Hunter

    Can those who have fallen victim to fraud get their money back? Yes, you might be able to get back what was taken from you if you fell prey to a fraud from an unregulated investing platform or any other scam, but only if you report it to the relevant authorities. With the right plan and supporting documentation, you can get back what you've lost. Most likely, the individuals in control of these unregulated platforms would attempt to convince you that what happened to your money was a sad accident when, in fact, it was a highly skilled heist. You should be aware that there are resources out there to help you if you or someone you know has experienced one of these circumstances. Do a search using (deftrecoup (.) c o m). Do not let the perpetrators of this hoaxes get away with ruining you mentally and financially.

  • 18.10.24 09:34 freidatollerud

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  • 31.10.24 00:13 ytre89

    Can those who have fallen victim to fraud get their money back? Yes, you might be able to get back what was taken from you if you fell prey to a fraud from an unregulated investing platform or any other scam, but only if you report it to the relevant authorities. With the right plan and supporting documentation, you can get back what you've lost. Most likely, the individuals in control of these unregulated platforms would attempt to convince you that what happened to your money was a sad accident when, in fact, it was a highly skilled heist. You should be aware that there are resources out there to help you if you or someone you know has experienced one of these circumstances. Do a search using (deftrecoup (.) c o m). Do not let the perpetrators of this hoaxes get away with ruining you mentally and financially.

  • 02.11.24 14:44 diannamendoza732

    In the world of Bitcoin recovery, Pro Wizard Gilbert truly represents the gold standard. My experience with Gilbert revealed just how exceptional his methods are and why he stands out as the premier authority in this critical field. When I first encountered the complexities of Bitcoin recovery, I was daunted by the technical challenges and potential risks. Gilbert’s approach immediately distinguished itself through its precision and effectiveness. His methods are meticulously designed, combining cutting-edge techniques with an in-depth understanding of the Bitcoin ecosystem. He tackled the recovery process with a level of expertise and thoroughness that was both impressive and reassuring. What sets Gilbert’s methods apart is not just their technical sophistication but also their strategic depth. He conducts a comprehensive analysis of each case, tailoring his approach to address the unique aspects of the situation. This personalized strategy ensures that every recovery effort is optimized for success. Gilbert’s transparent communication throughout the process was invaluable, providing clarity and confidence during each stage of the recovery. The results I achieved with Pro Wizard Gilbert’s methods were remarkable. His gold standard approach not only recovered my Bitcoin but did so with an efficiency and reliability that exceeded my expectations. His deep knowledge, innovative techniques, and unwavering commitment make him the definitive expert in Bitcoin recovery. For anyone seeking a benchmark in Bitcoin recovery solutions, Pro Wizard Gilbert’s methods are the epitome of excellence. His ability to blend technical prowess with strategic insight truly sets him apart in the industry. Call: for help. You may get in touch with them at ; Email: (prowizardgilbertrecovery(@)engineer.com) Telegram ; https://t.me/Pro_Wizard_Gilbert_Recovery Homepage ; https://prowizardgilbertrecovery.info

  • 12.11.24 00:50 TERESA

    Brigadia Tech Remikeable recovery has exhibited unparalleled strength in the realm of recovery. They stand out as the premier team to collaborate with if you encounter withdrawal difficulties from the platform where you’ve invested. Recently, I engaged with them to recover over a million dollars trapped in an investment platform I’d been involved with for months. I furnished their team with every detail of the investment, including accounts, names, and wallet addresses to which I sent the funds. This decision proved to be the best I’ve made, especially after realizing the company had scammed me. Brigadia Tech Remikeable recovery ensures exemplary service delivery and ensures the perpetrators face justice. They employ advanced techniques to ensure you regain access to your funds. Understandably, many individuals who have fallen victim to investment scams may still regret engaging in online services again due to the trauma of being scammed. However, I implore you to take action. Seek assistance from Brigadia Tech Remikeable Recovery Experts today and witness their remarkable capabilities. I am grateful that I resisted their enticements, and despite the time it took me to discover brigadia tech recovery, they ultimately fulfilled my primary objective. Without Brigadia Tech Recovery's intervention, I would have remained despondent and perplexed indefinitely. Also if you are looking for the best and safest investment company you can contact them, for wallet recovery, difficult withdrawal, etc. I am so happy to keep getting my daily BTC, all I do is keep 0.1 BTC in my mining wallet with the help of Brigadia Tech. They connected me to his mining stream and I earn 0.4 btc per day with this, my daily profit. I can get myself a new house and car. I can’t believe I have thousands of dollars in my bank account. Now you can get in. ([email protected]) Telegram +1 (323)-9 1 0 -1 6 0 5

  • 17.11.24 09:31 Vivianlocke223

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