On Tuesday, multiple blockchain data platforms flagged a massive 5.5 billion XRP acquisition from Coinbase, the most popular American crypto exchange. At first, it seemed like all these tokens were gained in under one hour. However, that wasn’t exactly the case.
Coinbase & XRP: What Just Happened Behind The Scenes?
Actually, the quick XRP rich-list change resulted from identifying and labeling 146 previously unknown wallets as Coinbase-owned. Following the update, Coinbase ranks as the #3 XRP holder on the XRPScan rich list, which is updated real-time on the blockchain’s explorer.
The post corrects an automated alert from @xrp_rich_bot that showed a large shift from an “Unknown” wallet to Coinbase, which was actually wallet re-labeling rather than a transfer.
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The automated message was compelling indeed: it said +5,569,165,957 XRP (+4,870.7%) were added to Coinbase wallets in the hourly update on X.
Finally, since the real figures are revealed, the myth of a heavy XRP liquidity crunch on Coinbase in terms of reserves is deemed incorrect: Coinbase officially has 355 XRP-filled accounts on the XRP Ledger.
That’s more than 5.80% of all available XRP ownership, trailing behind just one other major crypto exchange. UPbit comes first with a concentration of 6.42% across just 13 crypto wallets.
Binance stands out as #4 with 149 crypto wallets with XRP funds & an estimated 2.73% piece of the supply.
Ripple Labs continues to be the dominant rich-list figure with 39.99% of supply concentrated across 31 accounts, the blockchain explorer notes with 37.5 billon in escrow.
While this new disclosure doesn’t mean an immediate impact on XRP’s price, ownership stats with precision add another layer of transparency for the seasoned altcoin.
As the broader crypto market trades sideways on Wednesday, XRP’s bulls are waiting for clear confirmation at the $1.50 range. Presently, the 3% upswing took XRP to $1.43 as BTC rode the way through the $80,000 resistance line.
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