Coins.ph, one of the major Bitcoin exchanges in the Philippines, has suspended withdrawals for an altcoin project, citing technical issues. Exchange officials stated that they are working to resolve the issue.
Coins.ph, this altcoin psuspended withdrawals
The leading crypto exchange company based in the Philippines Coins.ph has announced that it has temporarily stopped XRP withdrawals. The Bitcoin exchange made the following statement on the subject on its Twitter account:
Hello Community! Please note that XRP withdrawal services are currently disabled. We are working closely with our technical team to resolve the issue as soon as possible.
Coins.ph cited “technical issues” for stopping XRP deposits and withdrawals.
Coins.ph assured its clients that it is working to resolve technical issues affecting XRP Deposits and withdrawals as soon as possible. Meanwhile, the Bitcoin exchange advised its users to watch its official channels for updates on the situation.
The XRP community in the Philippines expressed disappointment with the news of the withdrawal stopping. However, many are optimistic that the issue will be resolved soon and XRP will continue to be a popular investment option in the country. However, it is worth reminding that PDAX, another major Philippine cryptocurrency exchange in the country, suspended XRP trading and withdrawals in March 2021.
Two of the largest crypto exchanges carried close to 80 million XRP
Despite being famous for its high volatility over the weekend, XRP trading volume has increased significantly. This indicates that the community and the wider trader ecosystem are starting to accept XRP regardless of timing or ongoing events. Meanwhile, XRP’s trading volume has increased by 30.24% in the last 24 hours, according to CoinMarketCap. These data show that individual and institutional investors have consistently purchased the asset over the specified period. After XRP’s remarkable performance over the past week, it is clear that the coin’s rise is now more consistent.
Whale Alert discovered two transactions containing large amounts of XRP from two leading cryptocurrency exchanges, Crypto.com and Binance. Both transactions involved anonymous wallets. Whale Alert noted that in the past 24 hours, the Crypto.com exchange has carried 50,000,000 XRP and Binance has carried 23,555,362 XRP worth $25,409,675 and $1,783,643 respectively. According to information provided by XRP-focused explorer Bithump, Crypto.com moved 50 million XRP to Binance, while Binance made an internal transfer of 23.5 million XRP.
XRP needs to break through current restrictive hurdles
cryptocoin.comIn terms of price performance, XRP has increased by up to 37.34% last month. In addition, the altcoin has gained more than 47% since the beginning of the year. Despite the SEC’s continued indictment as a security, the cryptocurrency’s success to date. For XRP to properly pursue a long-term development trajectory, it must overcome existing restrictive hurdles, and the only way to do that is to take the legal battle to the end.
The inclusion of expanded smart contract functions and other notable improvements based on XRP is another way to break the barrier of limited use cases. This could reposition the altcoin project as a viable digital currency to address real-world challenges.
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