XRP Price Plummets to $1.01 Amid Bear Market Woes

XRP has been navigating through a bear market pullback, and its price has dipped as low as $1.01, sparking concerns that it could briefly slip below a dollar before this cycle's downturn runs its course.

An analyst pointed to the token's 2022 bear market as a reference point, noting that XRP bottomed near $0.28 in June 2022 and retested that same support level roughly half a dozen times through January 2023.

Exchanges have been shutting down left and right, with Bitmart becoming the second crypto exchange to do so in less than a week, following BitMEX's earlier announcement.

The XRP Ledger is also undergoing several technical upgrades, including batched fix updates, zero-knowledge proof privacy features, and permission delegation, which are expected to go live within days.