Coinbase Drastically Cuts XRP Holdings
Data shows that crypto exchange Coinbase has sharply reduced its XRP holdings, dropping from over 780 million XRP to around 200 million in just a few weeks. According to XRPScan, this is a 69% decrease compared to its recent proof-of-reserve report. The timing is notable since Coinbase has been working more closely with big players like BlackRock.
From Top Holder to Tenth Place
Coinbase used to be the fifth-largest XRP exchange holder, but after this reduction, it has slipped to tenth place. In just one month, its XRP balance plunged by 57%, now spread across 11 cold wallets with about 16.5 million XRP each. Back in June, Coinbase had 52 cold wallets with nearly 1 billion XRP.
Some believe these big moves could be linked to BlackRock’s partnership with Coinbase. The collaboration, announced in August, was originally meant to give institutions easier access to Bitcoin, but it may now include XRP, given its rising demand.
Retail Traders Left on Exchanges
According to XRPwallets, much of the XRP left on Coinbase might now belong to retail traders. They also suggest that other major exchanges like Binance, Uphold, and Upbit could soon show similar balances near 200 million XRP each. If so, it would mean that large institutions are absorbing most of the XRP, leaving exchanges mainly for retail trading.
For example:
- Upbit saw its XRP drop from 6.03B to 5.84B.
- Uphold dropped from 1.9B to 1.74B.
XRP Price Outlook
Despite these outflows, XRP remains below the $3 resistance level, struggling to break higher after several rejections this month. Lower exchange balances usually mean less selling pressure, which could support the price. Currently, XRP trades at $2.83, up 0.8% in the past 24 hours.
