$ 108,308.2
BTC
-0.67 %
$ 2,549.33
ETH
-1.42 %
$ 0.5770
ADA
-2.05 %
$ 660.70
BNB
-0.42 %
$ 149.70
SOL
-1.97 %

Sujit Kumar
Feb 22, 2025

XRP Trading Volume Surges Amid Bybit Hack Fallout

XRP Trading Volume Surges
Recent on-chain data from CoinMarketCap reveals that XRP, the Ripple-associated cryptocurrency, has experienced a 54.05% spike in trading volume, reaching $5.76 billion. Meanwhile, XRP derivatives trading volume climbed by 51% to nearly $8 billion. Despite this surge, XRP’s spot price declined 3.38% over the past 24 hours, trading at $2.57, a trend that aligns with broader market sentiment amid the recent Bybit hack.

Whale Activity and Network Dynamics

Blockchain analytics from Santiment indicate that large XRP holders—commonly known as "whales"—have been actively accumulating XRP. Wallets holding between 10 million and 100 million XRP have significantly increased their balances, suggesting a bullish sentiment among high-net-worth investors. Concurrently, Whale Alert reported that over $100 million in XRP was transferred to Bybit from an unknown wallet, adding to the heightened trading activity.

Bybit Hack and Swift Recovery

Bybit, the cryptocurrency exchange, recently suffered what has been described as “the biggest in history” hack, resulting in the loss of approximately $1.4 billion in Ethereum and other tokens. Following the breach, around $200 million in stETH was exchanged for ETH on the open market. Blockchain intelligence firm Arkham Intelligence linked the attack to the North Korean hacker group Lazarus, with compelling evidence provided by crypto analyst ZackXBT.

In response, Bybit CEO Ben Zhou assured users that withdrawal services have fully resumed. Zhou stated,

"Twelve hours from the worst hack in history, all withdrawals have been processed. Our withdrawal system is now fully back to normal pace—you can withdraw any amount and experience no delays. Thanks for your patience, and we are sorry that this has happened," and noted that over 350,000 withdrawal requests were processed within hours, with just around 2,100 still pending. Despite the hack, all Bybit functions remain operational, reflecting the exchange’s swift crisis management.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
XRP Trading Volume Surges Amid Bybit Hack Fallout
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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