XRP Whale Buying Continues as Ethereum Shows Strongest Value Signal

Large XRP holders have continued accumulating throughout the token’s decline from around $2.40 in January to the current $1.00–$1.20 range, according to CryptoQuant. Despite sustained whale purchases, the buying activity has not been strong enough to trigger a broader market rally, suggesting the market remains in a consolidation phase.

CryptoQuant data shows average XRP spot order sizes have remained within what it classifies as “big whale” levels during 2026. Meanwhile, the 90-day taker cumulative volume delta, an indicator that tracks whether buyers or sellers are driving trades, has shifted from early-year buying dominance to a more balanced reading. The firm believes this reflects steady accumulation and price stabilization rather than panic selling or the start of a confirmed uptrend.

Among the three largest cryptocurrencies analyzed, Ethereum stands out as the most undervalued. ETH is trading near $1,900, while its realized price—representing the average acquisition cost of all circulating coins—is approximately $2,450. This means the average Ethereum holder is currently at an unrealized loss. In comparison, Bitcoin trades about 17% above its realized price of roughly $52,900, while XRP remains comfortably above its realized price near $0.75.

Ethereum’s holder distribution also reveals shifting investor behavior. Wallets holding between 10,000 and 100,000 ETH have steadily increased their balances, reaching a record 19.6 million ETH. At the same time, addresses holding 1,000 to 10,000 ETH have reduced their holdings, while the largest wallets with more than 100,000 ETH have resumed accumulation after a decline in 2025.

Bitcoin whales have also been buying during market weakness. Excluding exchange and mining-related addresses, large BTC holders increased their combined holdings from roughly 2.87 million BTC at the end of 2025 to around 3.06 million BTC after accumulating heavily during the June price dip below $60,000. However, holdings remain below the previous bull-market peak.

CryptoQuant believes the market may still face another downside move before a definitive bottom is established. Even so, Ethereum’s position below its realized price makes it the key asset to monitor, as similar conditions previously marked a major market bottom in early 2025.