Coinbase XRP Holdings Surge After Massive Wallet Disclosure

Crypto market watchers were caught off guard on September 8 when data showed a massive inflow of 5.5 billion XRP tokens into Coinbase. The activity triggered alerts as it appeared to be the largest single hour of exchange deposits in the history of the asset. Many traders feared a massive selloff was looming.

However, the XRPScan service quickly cleared up the confusion. The tokens were not new deposits from external investors. Instead, they were already sitting in Coinbase custody. The platform had simply updated its internal tracking to include 146 previously unidentified wallets.

This update pushes Coinbase to the third position on the list of largest XRP holders. While the news caused an initial stir, the market settled once it became clear that the tokens were already under exchange control. Analysts are now watching to see how this visibility impacts future transparency reports for major exchanges.