XRP whales keep buying the dip, but ether shows deeper capitulation
On-chain data indicates that large-scale investors, or 'whales,' are accumulating XRP while Ether holders face significant paper losses. Analysts suggest the market is currently in a 'quiet absorption' phase, with valuation metrics indicating potential for further downside before a recovery.
Why it matters
Understanding whale behavior and cost-basis metrics is critical for institutional and retail investors attempting to gauge market bottoms and long-term asset viability in the volatile cryptocurrency sector.
Data from onchain analysis firm CryptoQuant shows average spot order sizes have stayed in what the firm classifies as “big-whale” territory throughout 2026. At the same time, 90-day taker cumulative volume delta, which measures whether buyers or sellers are the aggressors in a trade, has drifted to neutral after a taker-buy-dominant start to the year.
Whales are a colloquial term for large holders of a token, whose buying and selling is watched closely because it tends to lead the wider market rather than follow it.
The firm calls this a quiet absorption and a basing range rather than capitulation or a confirmed breakout.
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