Bithumb Declares Delays in Processing XRP Withdrawals Amid Market Downturn

Bithumb, a crypto exchange in South Korea, declared delays in processing Ripple's XRP token withdrawals because of a surge in transaction volume.

South Korean crypto exchange Bithumb announced delays in processing withdrawals of Ripple’s XRP token due to a surge in transaction volume.

“Due to the increase in Ripple (XRP) withdrawals, it is temporarily taking longer to complete withdrawals,” the exchange stated in an official announcement.

The exchange stated that XRP withdrawals are being processed on a first-come, first-served basis as they work to resolve the issue.

Bithumb also assured users that normal operations would resume shortly and promised to provide updates as the situation develops.

The delay comes amid significant volatility in the cryptocurrency market, with the leading cryptocurrency, Bitcoin, sharply dropping to $92,000 in the past 24 hours, indicating an ongoing market downturn.

XRP, the native token of Ripple, 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, XRP is trading at $2.18.

According to CoinMarketCap, XRP's trading volume increased to $29 billion, which is 28% higher than yesterday.

Due to the increased withdrawals and market volatility, XRP transactions may take longer to process.

Bithumb users and other exchanges are advised to check official updates for the latest information on withdrawal delays as the market decline continues.