Bithumb, a crypto exchange in South Korea, declared delays in processing Ripple’s XRP token withdrawals because of a surge in transaction volume.
The official announcement from Bithumb said, “Due to the increase in Ripple (XRP) withdrawals, it is temporarily taking longer to complete withdrawals.”
Bithumb stated that XRP withdrawals are being handled on a first-come, first-served basis as they work to resolve the issue. The exchange also assured users that normal operations would resume shortly and promised to provide updates as the situation develops.
The cryptocurrency market is experiencing significant volatility, coinciding with the delay. Bitcoin, the largest cryptocurrency, sharply dropped to $92,000 in the past 24 hours, highlighting the ongoing market downturn.
XRP, Ripple’s native token, also plunged to $2.06, marking a 30% fall from its recent high of $2.90, following Bitcoin’s downward trend. At the time of writing, the XRP price stands at $2.18. As per CoinMarketCap, the XRP trading volume increased to $29 billion, 28% higher than yesterday.
XRP transactions may take longer to process due to increased withdrawals and market volatility. Bithumb users and others exchanges are advised to check official updates for the latest information on withdrawal delays as the market decline continues.
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