XRP Whale Withdrawals Soar Amid Strong Market Performance

XRP's recent rally has been met with weaker buying pressure and heavier long liquidations. According to CryptoQuant analyst Darkfost, large Binance withdrawals of XRP surged to a six-month high, exceeding $335 million in one day. This sudden movement is significant, as it far surpasses the 90-day average of around $40 million.

The outflows were largely attributed to whales moving more than 231 million XRP off Binance in one day. Despite this, the token's market value increased by $25 billion during a strong week for XRP, with its price gaining over 40%.

Mastercard has joined an upcoming XRP Ledger hackathon, which will focus on building and launching applications across several areas of the network. The event is scheduled to take place before Ripple's Swell conference, and it aims to bring developers together to expand existing projects by adding XRP Ledger functionality.