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XRP whales add to holdings as ether trades below realized value

CryptoQuant data show large XRP spot orders have kept accumulating since January, while ether is the only major token below realized price, around $1,900 versus about $2,450.

Reported · Written up by our desk · Market Structure

CryptoQuant data highlighted continued buying activity among large XRP holders, but with the pattern characterized as “quiet absorption” rather than a breakout. The firm tied the behavior to spot buying that persisted as XRP slid from about $2.40 in January to roughly $1.00 to $1.20, alongside a taker volume balance that has drifted back toward neutral after an earlier buyer dominated start to 2026, according to CoinDesk.

The analysis also pointed to ether as the clearest valuation stress point among major tokens. Ether is trading around $1,900, below its realized price near $2,450, which CryptoQuant said implies holders are underwater on paper, even as Bitcoin and XRP trade above their realized levels.

CoinDesk reported that while onchain whale activity has appeared during the downturn for both ether and bitcoin, CryptoQuant warned the market may still need one more leg lower before a durable floor forms. The firm singled out below cost trading for ether as the key metric to watch.

The article added that ether holder distribution is changing, including growth in wallets holding between 10,000 and 100,000 ETH, which rose from about 14 million ETH in mid 2025 to record highs near 19.6 million. A 100,000 plus cohort previously fell to about 2.6 million ETH in mid 2025 before climbing to roughly 4.6 million by May 2026, an increase CryptoQuant put at around 1.8 million.

Latest closeBitcoin $64,764.04 ▲1.1%|Ethereum $1,911.73 ▲2.3%|XRP $1.051 ▼2.1%

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