Crypto market freefall causes Ripple withdrawal delays on Bithumb.

One of the major cryptocurrency exchanges in South Korea, Bithumb, has formally announced that withdrawals of XRP are taking longer than planned because of an unexpected spike in transaction volume.

In an official announcement, the exchange said: “Due to the increase in Ripple (XRP) withdrawal volume, it is temporarily taking time for the withdrawal to complete.”

To address this issue, Bithumb explained that withdrawals are being processed on a first-come, first-served basis while it attempts to fix the problem. Additionally, the exchange promised users that regular operations would soon return and that they would receive updates as events unfolded.

The cryptocurrency market is currently dealing with serious volatility, which coincides with this delay. The biggest cryptocurrency in the world, Bitcoin, has dropped precipitously and is now trading at $94,208, at the time of writing. This represents a significant 7.98% price decline over the last day, which is indicative of the current market decline.

The price of XRP, the native cryptocurrency of Ripple, has also dropped precipitously, falling to $2.06, a 30% drop from its recent high of $2.9.

Processing XRP transactions may take longer than expected, due to the spike in crypto withdrawals and general market volatility.

Users of Bithumb and other exchanges are encouraged to monitor official statements and updates for any more developments regarding withdrawal processing timeframes, as the cryptocurrency market continues to slide further down.