Critical Pi Network (PI) Update, Ripple (XRP) Price Crash, and Altcoins in Danger: Bits Recap May 28

The past 24 hours were very eventful, especially in the altcoin scene, which saw many cryptocurrencies plummet amid a weakening broader market and escalating military tensions in Iran.

As CryptoPotato reported, the US struck down Iranian drones, and Iran retaliated by striking a US base in Kuwait. All in all, the ceasefire has been openly breached and put in question, resulting in turmoil across both legacy and crypto markets.

Let’s have a look at some important events concerning Pi Network, Ripple’s XRP, and a few other altcoins that took place very recently.

Critical Pi Network Update: Here’s What You Need to Know

According to an official post from yesterday, the underlying blockchain protocol behind Pi Network is currently undergoing an upgrade. This means that every single node running on the mainnet has to upgrade to v24.

The deadline for this is June 2nd, 2026. The developers also recommend that operators shouldn’t upgrade all of their nodes at once, and to divert traffic during the process to other nodes.

Per the provided documentation, the upgrade itself should be very quick.

It’s worth noting, though, that nodes that fail to upgrade risk being disconnected from the canonical chain, which could cause broader network instability.

Ripple’s XRP Tumbles 3.5%

The entire crypto sector is down today, and XRP is no exception. The altcoin plunged by 3.5%, dropping below $1.27 before recovering slightly.

There is no local catalyst for the move, and it follows the broader market very closely. It’s also worth noting that the trading volume increased considerably during the downturn. It’s up more than 42% over the past 24 hours, at $2.44 billion.

On the other hand, fundamentals associated with the XRP Ledger are seemingly improving, with new proposals aiming to augment the way pools are deployed already underway. The idea is to give more flexibility to pool deployers and developers that would better correspond to the constantly shifting market conditions.

Altcoins Stress Test: US Gov’t About to Dump?

Last but not least for this recap, Arkham Intelligence flagged an on-chain move associated with holdings of the US Government.

It’s worth noting that the size is not considerable, and most of the mentioned altcoins do have market depth to absorb any potential sales. However, investors might think of any disposals as a show of no confidence, which could lead to subsequent negativity. Time will tell.

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