Recent data from XRP community member XRPWallets reveals a significant reduction in Coinbase’s holdings of XRP. Initially, the exchange held approximately 970 million XRP across 52 cold wallets, but this has drastically shrunk to only 16 wallets holding a total of 16.5 million XRP. This represents a dramatic 73% decrease since June.
The shift coincides with broader trends in the industry, where other major exchanges like BitGo and Bitstamp have also seen their cold storage structure altered into smaller operational accounts. While this may suggest routine rebalancing or regulatory preparation, the sheer scale of Coinbase’s reduction raises eyebrows.
Experts note that these moves could indicate potential supply manipulation or even a shifting strategy to accommodate client withdrawals.
Despite the recent drop in holdings, XRP remains near its record high ($2.91) and this has led many observers to speculate if the shrinking balances signal an impending market squeeze. The reduction of XRP on Coinbase raises more questions than answers. Whether it is part of a larger strategic shift or just routine adjustments, one thing is certain – XRP’s presence on a major exchange is significantly diminished.
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