XRP Whales Buy Dip, But Ether Holders Face Deeper Capitulation

Large XRP holders have continued to buy the dip despite the token's slide from $2.40 in January to its current range of $1.00 to $1.20.

Data from CryptoQuant shows that average spot order sizes for XRP remain in 'big-whale' territory throughout 2026, indicating that whales are indeed buying without lifting the market.

However, Ether is where the valuation case is strongest, with its current price of $1,900 sitting below its realized price near $2,450. This means that Ether holders are underwater on paper, making it the only major cryptocurrency trading below what its holders paid.

CryptoQuant calls this a 'quiet absorption' and a basing range rather than capitulation or a confirmed breakout.