Coinbase Soars to Third on XRP Rich List, But Don't Read the Tea Leaves

Coinbase has jumped to third place on the XRP rich list after an automated update from wallet tracker XRPScan.

The update identified and labeled 146 previously unidentified Coinbase wallets, causing their existing balances to move from 'Unknown' into the exchange's consolidated total.

This triggered a near-simultaneous decline in unidentified balances, which clarified that the increase was not a purchase or new transfer, but rather a reclassification of existing funds.

Coinbase now holds around 5.68 billion XRP across 152 accounts, but this does not mean it owns these assets economically. A rich list measures balances associated with identified addresses, which can represent pooled customer funds or custody arrangements.