XRP Whales Keep Buying Amid Downturn, Ethereum Signals Capitulation

According to CryptoQuant's on-chain data, large XRP holders have continued to accumulate during the prolonged downturn. Despite this buying activity, the average spot orders on exchanges remain in the 'big whale' price range for 2026, indicating a lack of momentum from these purchases.

The 90-day taker cumulative volume delta has been approaching the neutral point after an initial buyers' dominance earlier this year, suggesting that demand is not strong enough to cement a breakout. Analysts have identified the current activity as long-term consolidation rather than a new bullish trend.

In contrast, Ethereum's price remains below its realized price of ~$2,450, indicating market capitulation and unrealized losses for most holders. On the other hand, Bitcoin's market price is around 17% above its estimated realized price of $52,900.