CryptoQuant said XRP’s large spot transactions suggest ongoing “quiet accumulation” rather than a signal of an imminent rally, while ether’s trading level below realized value indicates holders are underwater and gives ETH the strongest valuation case among Bitcoin, Ethereum, and XRP.
Major XRP holders have continued buying as the token declined from its January high near $2.40 to the current $1.00-$1.20 range. However, the continued whale accumulation has not been enough to generate a significant price recovery.
Data from CryptoQuant shows that average XRP spot order sizes have remained within the firm’s “large whale” category throughout 2026. At the same time, the 90-day taker cumulative volume delta, which measures whether buyers or sellers are more aggressive in the market, has returned to a neutral level after beginning the year with stronger buying pressure.
In crypto markets, whales are large-scale token holders whose activity is closely monitored because their decisions can often influence overall market direction.
CryptoQuant described XRP’s current trend as a period of steady accumulation and price formation rather than a capitulation event or a confirmed breakout.
Among the three major cryptocurrencies, ether currently presents the strongest valuation argument. ETH is trading near $1,900, compared with a realized price of around $2,450. This means the average cost basis of ETH holders is higher than the current market price, leaving many investors with unrealized losses.
Bitcoin, on the other hand, is trading roughly 17% above its realized price of about $52,900, while XRP remains above its realized value, trading near $1.10 compared with approximately $0.75.
Ethereum’s holder groups are showing mixed behavior. Wallets holding between 10,000 and 100,000 ETH have expanded their balances from about 14 million ETH in mid-2025 to a record level of nearly 19.6 million ETH.
The group holding more than 100,000 ETH saw holdings fall to roughly 2.6 million ETH in mid-2025 before recovering to around 4.6 million by May 2026. CryptoQuant estimated that these large holders added approximately 1.8 million ETH during the recovery.
Meanwhile, wallets holding between 1,000 and 10,000 ETH have been reducing exposure. This group reached a peak of nearly 15.6 million ETH in January 2026 before declining to about 12.9 million.
Bitcoin whale holdings, excluding exchange and mining-related wallets, reached a low of around 2.87 million BTC in December 2025 before increasing to approximately 3.06 million BTC. The strongest accumulation took place when Bitcoin fell below $60,000 in June, although whale balances remain about 170,000 BTC below the 2025 cycle peak of around 3.23 million BTC.
CryptoQuant said the market may be approaching the final phase of the downturn but noted that valuations still leave room for another decline before a definitive bottom is confirmed.
Ether’s position below its cost basis remains the key factor to monitor. Among Bitcoin, Ethereum, and XRP, ETH is the only asset currently experiencing broad paper capitulation, with holders collectively facing unrealized losses. CryptoQuant noted that ether reached a similar bottom pattern in early 2025 when it traded at a comparable discount relative to its lower valuation range.
