Investing.com | Editor Hari G
Published Dec 05, 2023 06:20AM ET
Cryptocurrency platform Uphold has been facing technical difficulties, resulting in delays in cryptocurrency withdrawals, including for XRP. The company informed its users via X (formerly known as Twitter) on Monday.
It appears that these withdrawal issues are part of a broader pattern of transactional congestion. A Coinbase (NASDAQ:COIN) user reported that they had to wait for seven hours for an Ethereum transfer to complete, demonstrating the frustration of customers over the long transaction times across platforms.
Uphold has not specified the cause of the current withdrawal delays, but similar service interruptions in the past have been linked to an increase in demand following favorable legal decisions regarding XRP. It is speculated that the current problems may be linked to the registration process for the Evernode airdrop, which involves over two billion XRP tokens. The anticipation of this event could be causing a higher-than-usual amount of traffic and stressing the system.
Cryptocurrency exchanges such as Uphold and Coinbase are well aware of the challenges brought about by sudden spikes in activity. Users of these platforms are regularly reminded of the volatile nature of digital asset markets, with both price and operational performance affected during times of high demand.
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Written By: Investing.com
