Cryptocurrency exchange Binance has suspended XRP (XRP) withdrawals during a pump in the price of the digital asset issued by Ripple.
On November 16, customers who tried to send XRP received a message that the service was temporarily down. The coin transfer function was disabled due to technical issues, and the XRP withdrawal option was re-enabled after the issues were resolved.
XRP Withdrawal Service Suspension Notice
Members of the crypto community explained the suspension of XRP withdrawals by the sudden increase in the rate of this asset. The price of the cryptocurrency began to be pumped on November 15 at 11:00 Moscow time, and on Saturday at 18:00 its value reached its maximum value since November 2021 at $1.26.
During the bull run, XRP trading volume increased significantly, which may have caused a malfunction or triggered a security system that disabled the function of sending coins, suspecting something was wrong.
Changes in the XRP rate and trading volume on Binance
Based on the timing of the Binance user's post and the exchange's support representative's response, it can be assumed that the trading platform's clients were unable to withdraw XRP for an hour or two. However, despite the quick resolution, Binance has been hit with a wave of criticism, with some digital asset owners once again reminding everyone of the superiority of cold hardware crypto wallets over hot custodial crypto storage, which can be turned off at any time.
