XRP Price Plunge Triggers Fears of Repeat Bear Market

XRP's recent price dip to as low as $1.01 has some analysts pointing to a familiar pattern from the last cycle, where the token bottomed near $0.28 in June 2022 and retested that same support level several times before turning around.

Exchanges continue to shut down, with Bitmart becoming the second exchange to do so in less than a week, following BitMEX's earlier announcement. The shutdown of these exchanges has led to the collapse of their native tokens, with BMX dropping over 60% after the news broke.

The XRP Ledger is undergoing several technical upgrades, including batched fix updates that have already passed their 80% vote requirement and are expected to go live within days. Other upgrades under discussion include zero-knowledge proof privacy features and sponsored fees and reserves.