XRP has already dropped to $1.01 during a bear market retreat, reviving news that the token may drop further before crossing the $1 mark.
A Very Famous Example From The Last Cycle
One expert said to the XRP bear market of 2022 as a reference point. XRP dropped to around $0.28 in June 2022, then returned to the same level almost half a dozen times until January 2023, including a final touch of $0.32 before the market turned. The current arrangement, the researcher argues, looks the same, at a higher price this time around.
Exchange Continues to Shut Down
Bitmart became only the second crypto exchange to close in less than a week, following BitMEX’s earlier announcement. Bitmart’s native token, BMX, fell more than 60% after news of the shutdown broke. The once-biggest Bitcoin mining group filed for bankruptcy, reportedly only having $1 million in assets against $500 million in debt.
Several digital asset management companies and one crypto hedge fund have also disrupted operations in recent weeks. Analysts who study the space are describing the decline as a sign that the market is weeding out large and weak players, which some say has been the case in the past.
Organizations Push for Systematic Clarity
Support for the CLARITY Act has grown among major financial institutions ahead of the Senate’s August 7 deadline. Both Charles Schwab and Fidelity pushed the Senate to pass the CLARITY Act, joined by the Fraternal Order of Police and Goldman Sachs CEO David Solomon, who publicly called for the bill to be cut.
New Additions Coming to XRP Ledger
Away from price action, the XRP Ledger has a number of technical changes running through its evolution. The XRP Ledger exchange has already passed its 80% milestone and is expected to be within a few days. The extensions discussed are:
- Batch transactions, which allow eight transactions to be aggregated into a single atomic transaction
- Zero-knowledge privacy policy, allowing private transfers
- The fees are for storage, allowing the platform to cover the cost of creating an XRP wallet for new users
- Transfer permission, allowing account permissions without full transfer
- Powerful multi-dimensional symbols, capable of carrying variable fields after completion
The other two are of great interest: the Single Asset Vault that will allow users to combine XRP, RLUSD, or other tokens together, and the lending system built on top of it, which allows for fixed-term, unlimited loans used by organizations.
Why XRP Ledger’s DEX Matters
As the central exchange continues to be closed, some experts are pointing to the XRP Ledger exchange being created as a protection for token holders. Since the DEX works independently of any platform, users can continue to trade and earn profits on XRP even after the exchange they depended on closes.
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