Can you assign any IP address to an instance?
You can assign any IP address to your instance as long as it is: Part of the associated subnet's IP address range Not reserved by A...

https://www.interviewquestionspdf.com/2017/01/can-you-assign-any-ip-address-to.html
You can assign any IP address to your instance as long as it is:
- Part of the associated subnet's IP address range
- Not reserved by Amazon for IP networking purposes
- Not currently assigned to another interface