As an experienced crypto investor who has seen multiple market cycles and exchange hiccups, I find myself once again navigating through turbulent waters. The recent delay in XRP withdrawals at Bithumb, due to increased transaction volume, is a familiar scenario that reminds me of a rollercoaster ride – exhilarating when it’s climbing up, nerve-wracking on the way down!
Due to an overwhelming increase in transactions, the South Korean cryptocurrency exchange Bithumb announced that it was experiencing delays in handling withdrawals for Ripple‘s XRP tokens.
According to Bithumb’s official statement, there’s a temporary delay in processing XRP withdrawals because of an uptick in requests.
On Bithumb’s announcement, it was made clear that XRP withdrawals are being processed in the order they were received while they address the current problem. Furthermore, the platform reassured its users that regular services will be restored soon and committed to keeping everyone informed about any changes as the situation unfolds.
Currently, the cryptocurrency sector is showing high levels of fluctuation, mirroring recent delays. For instance, within the last day, Bitcoin, the major player in this field, plunged to approximately $92,000, underscoring the ongoing slump in the market.
Ripple’s native token, XRP, dropped to $2.06, representing a 30% decrease from its peak of $2.90, due to Bitcoin’s declining trend. At the moment, the price of XRP is at $2.18. According to CoinMarketCap, the trading volume for XRP has spiked by 28%, reaching $29 billion compared to the previous day.
It might take more time for XRP transactions to be completed, given the rise in withdrawals and the unpredictability of the market. Users of Bithumb and other exchanges are encouraged to regularly consult official announcements for updates regarding potential delays in withdrawals as the market downturn persists.
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2024-12-20 18:44