• Cardano’s [ADA] price surged following news of Ripple [XRP] partially winning its legal battle with the U.S. SEC.
• ChatGPT, an OpenAI-developed large-scale AI language model, is gaining attention for its ability to mimic human responses.
• ChatGPT predicts a modest price action for Cardano despite bullish on-chart metrics.
Cardano Price Surge Following Ripple Win
The price of Cardano [ADA] surged as much as 25% following the news of Ripple [XRP] securing a partial victory in its legal battle with the U.S. Securities and Exchange Commission (SEC) on 13 July. The U.S. District Court of the Southern District of New York ruled in its judgement that the sale of Ripple’s XRP tokens on crypto exchanges and though programmatic sales did not constitute investment contracts; hence, it is not a security in this case. But the court also ruled that the institutional sale of the XRP tokens violated federal securities laws. Cardano founder Charles Hoskinson praised Ripple CEO Brad Garlinghouse on Twitter and also praised the XRP community by writing “Well done, XRP” when SEC sued Binance [BNB] and Coinbase [BASE].
ChatGPT Gaining Attention
Besides DeFi and cryptocurrencies, another major development that has grabbed public attention is ChatGPT. ChatGPT is an OpenAI-developed large-scale artificial intelligence (AI) language model trained on enormous amounts of text data which allows it to understand and generate responses to complex queries from users like a human being would do but without being 100% accurate as users must verify what it generates themselves by fact-checking or verifying it..
ChatGPT Predicts Modest Price Action For ADA
Despite its training in basic use of indicators used in technical analysis appearing sound, ChatGPT predicts a modest price action for Cardano even as its on-chart metrics suggest a rather bullish price movement..
SEC Classifies ADA As Security
When SEC sued Binance [BNB] and Coinbase [BASE], they included ADA in their newly classified list of securities which IOG vehemently dismissed claiming it was not so..
The outcome from this article is that although there are currently some bullish predictions about Cardano’s future price, users should be wary due to recent classifications from the SEC regarding ADA being considered a security as well as taking into account predictions made by ChatGPT which predicts a modest price action for Cardano even as its on-chart metrics suggest a rather bullish price movement..