CryptoQuant data cited by CoinDesk shows large XRP holders kept buying during the token’s decline, even as the market stayed rangebound. Ether showed a stronger capitulation signal because it traded below its realized price, leaving holders underwater on paper.
CryptoQuant data cited by CoinDesk shows large XRP holders kept buying during the token’s decline, even as the market stayed rangebound. Ether showed a stronger capitulation signal because it traded below its realized price, leaving holders underwater on paper.
The distinction matters because whale behavior is often watched as a signal of whether large holders are absorbing selling pressure or stepping away from the market. In XRP’s case, CryptoQuant’s data suggests accumulation has not yet translated into stronger price momentum, while 90-day taker cumulative volume delta has cooled to neutral after a buyer-dominated start to the year.
Large XRP holders continued buying as the token fell from about $2.40 in January to roughly $1.00-$1.20, according to onchain data from CryptoQuant cited by CoinDesk. The firm described the pattern as quiet accumulation rather than capitulation or a confirmed breakout, with large spot order sizes staying in big-whale territory through 2026.
The distinction matters because whale behavior is often watched as a signal of whether large holders are absorbing selling pressure or stepping away from the market. In XRP’s case, CryptoQuant’s data suggests accumulation has not yet translated into stronger price momentum, while 90-day taker cumulative volume delta has cooled to neutral after a buyer-dominated start to the year.
Ether showed a different market setup. CoinDesk reported that ETH was trading around $1,900, below a realized price near $2,450, meaning the aggregate holder cost basis was above the market price. By comparison, bitcoin was roughly 17% above its $52,900 realized price, while XRP traded near $1.10 versus a realized price of about $0.75.
CryptoQuant’s wallet data also pointed to uneven behavior among ether holders. Wallets with 10,000 to 100,000 ETH rose from about 14 million ETH in mid-2025 to around 19.6 million, while the cohort holding 1,000 to 10,000 ETH declined from roughly 15.6 million ETH in January 2026 to about 12.9 million.
Bitcoin whales, excluding exchange and mining-pool addresses, also added during the downturn, rising from about 2.87 million BTC in December 2025 to around 3.06 million. CryptoQuant still warned that the broader market could see another move lower before a durable floor is established, with ether’s below-cost trading standing out as the key metric to watch.
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