XRP whales keep buying the dip, but ether shows deeper capitulation
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Large holders of XRP, known as whales, have continued buying the token despite its price dropping from about $2.40 in January to a range near $1.00 to $1.20. CryptoQuant describes this behavior as quiet absorption rather than capitulation or breakout. Meanwhile, Ether is trading below its realized price, indicating investors are underwater on paper, while Bitcoin and XRP trade above their realized prices. CryptoQuant warns the market may face another downward leg before a stable floor is reached, emphasizing that Ether’s below-cost trading is a key signal to watch.
Why it matters
This development highlights differing market dynamics among major cryptocurrencies. XRP whales are quietly accumulating without causing a price rebound, suggesting a potential basing phase. In contrast, Ether’s price being below its holders’ aggregate cost implies a deeper capitulation, which might affect investor sentiment and potential recovery timing. These trends could inform market participants’ strategies and signal broader shifts in the crypto market.
Key context
Whales are large holders whose trading often leads market movements. CryptoQuant uses metrics such as average order size and 90-day taker cumulative volume delta to analyze buying and selling pressure. Ether’s realized price is higher than the current market price, making it unique among major tokens in showing underwater holders. Historical data indicate Ether reached similar valuation conditions in early 2025 before bottoming, suggesting potential parallels in the current cycle.
Key numbers and entities
CryptoQuant is the onchain analytics firm providing the data. XRP’s price declined from around $2.40 to roughly $1.00-$1.20 in 2026. Ether trades around $1,900 versus a realized price of approximately $2,450. Bitcoin trades about 17% above a realized price near $52,900. The entity definitions include whale holders grouped by Ethereum holdings: 10,000 to 100,000 ETH increased from 14 million ETH in mid-2025 to 19.6 million ETH; 100,000+ ETH increased from 2.6 million to 4.6 million ETH by May 2026; 1,000 to 10,000 ETH decreased from 15.6 million ETH in January 2026 to 12.9 million ETH. Bitcoin whales now hold about 3.06 million BTC, up from 2.87 million in December 2025 but below their 2025 peak of 3.23 million BTC.
What remains unclear
The source does not flag open questions or uncertainties but notes that a durable market floor is not yet confirmed and that the market may still face further decline. Specific timing or triggers for a potential price bottom are not detailed.