XRP Volume Up 55%, What's Happening?

The Ripple-associated cryptocurrency has seen a 54.05% spike in trading volume, reaching $5.76 billion, according to CoinMarketCap.

XRP derivatives trading volume saw a 51% increase to almost $8 billion. The cryptocurrency suffered $11 million outflows, according to data provided by CoinGlass.

At press time, XRP is traded at $2.57, having declined 3.38% in the last 24 hours. The loss is aligned with general market sentiment amid the Bybit hack, which Bybit CEO called “the biggest in history.”

Recent data from blockchain analytics firm Santiment indicates that large XRP holders, commonly referred to as "whales," have been actively accumulating the cryptocurrency. Specifically, wallets holding between 10 million to 100 million XRP have significantly increased their holdings, suggesting a bullish sentiment among high-net-worth holders.

Meanwhile, according to Whale Alert, over $100 million in XRP were transferred to Bybit from an unknown wallet.

Bybit sufferers biggest crypto hack in history

Bybit has reportedly suffered a significant security breach, resulting in the loss of approximately $1.4 billion worth of Ethereum (ETH) and other tokens.

Following the attack, around $200 million worth of stETH was exchanged for ETH on the open market, raising further concerns over the scale and impact of the exploit.

Blockchain intelligence firm Arkham Intelligence has attributed the attack to the North Korean hacker group Lazarus. In an investigative report, crypto analyst ZackXBT provided compelling evidence linking Lazarus to the hack.

His findings, shared at 7:09 p.m. UTC on Friday, included an extensive analysis of test transactions, associated wallets, forensic graphs and timing patterns that revealed how the exploit was executed. Arkham Intelligence confirmed that this evidence had been forwarded to Bybit’s team to assist in their investigation.

Bybit CEO Ben Zhou responded to the crisis by assuring users that withdrawal services had fully resumed.

"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," Zhou stated.

Highlighting the scale of the attack and its impact on user activity, Zhou revealed that Bybit had processed an unprecedented number of withdrawals since the breach, with over 350,000 withdrawal requests handled within hours.

“Since the hack 10 hours ago, Bybit has experienced the most withdrawals we have ever seen. So far, around 2,100 withdrawal requests remain to be processed. Overall, 99.994% of withdrawals have been completed,” he reported.

Despite the severity of the attack, Zhou emphasized that all Bybit functions and services remained operational. He praised his team’s swift response and dedication throughout the crisis.