Large XRP holders have executed a significant wave of withdrawals from the Binance exchange, moving more than 231 million tokens off the platform in a single day. According to findings from CryptoQuant analyst Darkfost, the withdrawals totaled over $335 million, representing a substantial increase compared to the 90-day average of roughly $40 million.
The sudden shift in whale behavior coincided with a powerful weekly rally that saw XRP gain more than 40% and its market capitalization increase by $25 billion. XRP briefly surged past $1.7 before stabilizing near $1.4. CryptoQuant noted that if this accumulation trend continues, the asset could potentially test the $2 level within a relatively short period.
Alongside the whale activity, analyst Ali Martinez reported a major jump in network participation this week. Active addresses on the XRP network climbed from 47,180 to 356,070, marking an increase of over 654%.
Despite the strong on-chain metrics, the derivatives market displayed short-term pressure as the token moved back toward a major support zone. Long liquidations reached approximately $4.66 million, marking a 31.82% daily increase, while short liquidations stood near $1.13 million after rising 61.61%. The higher volume of long liquidations indicates that the pullback forced a significant number of leveraged long positions out of the market through both spot selling and liquidations.
Additionally, XRP's Money Flow Index (MFI) declined from around 60 to 35.89, signaling a weakening in the buying pressure that supported the earlier price movement. The MFI remains above the 20 threshold, indicating that the asset has not yet entered technically oversold territory.
