XRP whales are quietly scooping up tokens on the dip, according to on-chain data from CryptoQuant. The same firm reports that ether is trading below its realized value, meaning most holders are sitting on losses. Yet among bitcoin, ether, and XRP, CryptoQuant says ether has the strongest valuation case right now.
Whale Activity on XRP
CryptoQuant flagged a pattern of large spot orders hitting exchanges — the kind that typically come from big players. These aren't flashy moves. They're quiet accumulation. The data suggests whales are buying the dip rather than waiting for a clear bottom. That's a signal some traders watch closely: when heavy hitters start stacking, it can precede a shift in momentum.
Ether's Underwater Holders
Ether's price has fallen below its realized value — the average price at which all coins were last moved. That metric matters. When an asset trades under realized value, a majority of holders are in the red. It doesn't guarantee a bounce, but it does mean selling pressure from profitable holders is lower. CryptoQuant's analysis puts ether in that territory now.
Valuation Case for Ether
Despite the underwater position, CryptoQuant argues ether has the strongest valuation case among the three largest cryptocurrencies. They didn't spell out every factor, but the implication is that ether's on-chain fundamentals — network activity, staking yields, or supply dynamics — look more attractive relative to price than bitcoin or XRP. That's a contrarian take given the current price action.
The accumulation on XRP and the valuation argument for ether both point to a market where big money is positioning, even as retail sentiment sours. Whether that positioning pays off depends on what happens next — but the data is worth watching.
