XRP Trading Volume and Market Update

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

XRP derivatives trading volume experienced a 51% increase, approaching $8 billion. However, the cryptocurrency faced $11 million in outflows, as reported by CoinGlass.

As of now, XRP is trading at $2.57, marking a 3.38% decline in the last 24 hours. This loss corresponds with general market sentiment following the Bybit hack, termed by Bybit CEO as “the biggest in history.”

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

> 🚨 🚨 🚨 🚨 🚨 40,000,000 #XRP (102,602,454 USD) transferred from unknown wallet to #Bybit link
> — Whale Alert (@whale_alert) February 21, 2025

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

Bybit Suffers Biggest Crypto Hack in History

Bybit has reportedly experienced a significant security breach, leading to 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 about the scale and impact of the exploit.

Blockchain intelligence firm Arkham Intelligence has linked the attack to the North Korean hacker group Lazarus. Crypto analyst ZackXBT provided compelling evidence connecting Lazarus to the incident.

> BREAKING: BYBIT $1 BILLION HACK BOUNTY SOLVED BY ZACHXBT
> At 19:09 UTC today, @zachxbt submitted definitive proof that this attack on Bybit was performed by the LAZARUS GROUP.
> His submission included a detailed analysis of test transactions and connected wallets. link
> — Arkham (@arkham) February 21, 2025

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

Bybit CEO Ben Zhou addressed the crisis, 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. Thank you for your patience, and we apologize for the incident,” Zhou stated.

Zhou mentioned that the scale of the attack significantly impacted user activity, revealing 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, praising his team’s swift response and devotion throughout the crisis.