One of South Korea’s leading cryptocurrency exchanges, Bithumb, has reported temporary delays in processing XRP withdrawals due to a sudden surge in transaction volume.
In an official statement, Bithumb explained: “Due to the increase in Ripple (XRP) withdrawal volume, it is temporarily taking time for the withdrawal to complete.”
The exchange assured users that withdrawals are being processed on a first-come, first-served basis while it works to resolve the issue. Bithumb also pledged to restore normal operations soon and keep users updated as the situation develops.
This delay coincides with a period of intense volatility in the cryptocurrency market. Bitcoin, the largest cryptocurrency by market capitalization, has plummeted to $94,208, marking a sharp 7.98% decline within the last 24 hours. The broader market downturn has also affected XRP, Ripple’s native token, which has dropped to $2.06—a staggering 30% decrease from its recent high of $2.90.
The combination of heightened withdrawal requests and market instability appears to be exacerbating processing delays for XRP transactions.
Bithumb users and crypto traders alike are advised to stay tuned to official updates for further information on withdrawal timeframes as the market continues its downward trajectory.
