CryptoQuant said large XRP transactions point to continued “quiet accumulation” rather than an immediate breakout, while ether’s price below its realized value indicates widespread unrealized losses and gives ETH the strongest valuation setup among BTC, ETH, and XRP.

Large XRP holders have continued accumulating despite the token’s decline from around $2.40 in January to the current $1.00-$1.20 range. However, their buying activity has so far failed to create enough momentum for a sustained price recovery.

According to CryptoQuant data, average XRP spot order sizes have remained in the range typically linked to major whale activity throughout 2026. Meanwhile, the 90-day taker cumulative volume delta — a metric that shows whether buyers or sellers are controlling market activity — has shifted toward neutral levels after starting the year with stronger buying pressure.

In the crypto market, whales refer to investors or entities holding large amounts of a token. Their activity is closely tracked because significant accumulation or selling can influence broader market trends.

CryptoQuant characterized XRP’s current phase as gradual accumulation and consolidation, rather than a capitulation event or a confirmed bullish breakout.

Ether currently has the strongest valuation argument among the three assets. ETH is trading near $1,900, while its realized price stands around $2,450, meaning the average cost basis of all ETH holders is above the current market value and many investors are sitting on paper losses.

By comparison, Bitcoin is trading about 17% above its realized price of approximately $52,900, while XRP is trading near $1.10 against a realized price of roughly $0.75.

Ethereum’s ownership data shows mixed signals among different holder groups. Wallets holding between 10,000 and 100,000 ETH have increased their holdings from around 14 million ETH in mid-2025 to record levels close to 19.6 million.

The largest ETH holders, with balances above 100,000 ETH, saw their holdings fall to around 2.6 million ETH in mid-2025 before recovering to approximately 4.6 million by May 2026. CryptoQuant estimates this group accumulated nearly 1.8 million ETH during that period.

Meanwhile, addresses holding between 1,000 and 10,000 ETH have reduced their exposure. Holdings in this category peaked at around 15.6 million ETH in January 2026 before dropping to approximately 12.9 million.

Bitcoin whales, excluding exchange and mining wallet addresses, reached a low near 2.87 million BTC in December 2025 and have since increased holdings to about 3.06 million BTC. Their most aggressive buying occurred when Bitcoin dropped below $60,000 in June, though current holdings remain roughly 170,000 BTC below the 2025 cycle high of about 3.23 million BTC.

CryptoQuant described the current market stage as the later phase of the decline but warned that prices could still face another downward move before a confirmed market bottom is established.

The most important factor to monitor is ether’s position below its realized value. Among Bitcoin, Ethereum, and XRP, ETH is the only asset currently showing a full paper capitulation scenario, where holders collectively hold coins below their average purchase price. CryptoQuant noted that ether reached a similar bottom structure in early 2025 when it traded at a comparable discount to its lower valuation range.