AI-powered Large language models (LLMs) like ChatGPT are increasingly being used for financial predictions. One such prediction recently made by ChatGPT is that the price of XRP, a digital asset associated with leading blockchain payment company Ripple, will reach $0.69 by March 31, 2024.
Current XRP Landscape
At the time of writing, XRP is trading at $0.6506, up 3.94% in the past 24 hours. After prolonged underperformance that drove some investors away, XRP began to climb over the past few days and is currently up 17.91% over the past 7 days.
Read Also: ChatGPT and Google Bard Predict Stellar (XLM) Price by End of 2024
Although this surge is significantly less than other cryptocurrencies like Shiba Inu (SHIB), which has surged almost 300%, the resurgence has renewed the hope of the XRP community.
XRP is a notorious late bloomer. Now that it has shown signs of life, the community is certain it will surge soon. The factors that could help drive this surge are positive market sentiment, increased adoption, or a sustained uptrend in the rest of the market.
LLMs and Financial Prediction
LLMs are trained on massive datasets of text and code. In the case of financial predictions, this data might include historical price charts, news articles, and social media sentiment. LLMs can identify patterns and potentially predict future trends by analyzing these vast amounts of information.
However, it is crucial to remember that LLMs are not financial experts. They base their predictions on the data used to train them and may not account for unforeseen events or sudden market shifts.
Limitations of LLM Predictions
Some key limitations to consider when evaluating LLM predictions like ChatGPT’s are:
Data Bias: LLMs can inherit biases from the data they are trained on. This can lead to skewed predictions if the training data does not accurately reflect the real world.
Unforeseen Events: LLMs cannot predict unpredictable events like natural disasters, political upheavals, or technological breakthroughs that can significantly impact financial markets.
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Read Also: We Asked ChatGPT If SHIB Could Hit $0.00001 In 2023, Here’s What It Said
Is XRP Headed for $0.69?
LLM predictions can be interesting talking points but should be taken with a grain of salt. However, this does not mean XRP cannot reach this target. Reaching $0.69 requires a 6.05% surge. The digital asset has climbed much higher in the past few days, showing its potential to reach the target.
XRP has not reached $ 0.69 since early December when fake news of a BlackRock XRP ETF caused a massive surge to over $0.7. March 31 could finally be when it reclaims this level and attempts to breach the $0.7 price point.
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