XRP Whales Buy Low Amid Market Dip, But Ether's Capitulation Raises Red Flags

XRP whales have continued to accumulate the token throughout its slide from about $2.40 in January to roughly $1.00 to $1.20, a pattern that CryptoQuant describes as quiet absorption rather than capitulation or a breakout.

However, Ether is showing deeper capitulation, trading below its realized price of around $2,450, while the market price sits at around $1,900. This means investors are underwater on paper even as Bitcoin and XRP trade above their realized prices.

CryptoQuant notes that onchain data show Ether and Bitcoin whales have been adding to holdings during the downturn, but warns that the market may still face one more leg lower before a durable floor is established.