Coinbase Surges into Top XRP Holder Rankings Amid Wallet Ownership Correction
Coinbase has emerged as one of the top holders of XRP, the cryptocurrency developed by Ripple Labs. According to blockchain data platforms, Coinbase now holds over 5.8% of all XRP supply across 355 accounts. This revelation was made after it was discovered that 146 previously unknown wallets were mistakenly labeled as Coinbase-owned, totaling 5.5 billion XRP.
This re-labeling corrected an earlier automated alert that suggested a sudden transfer of XRP to Coinbase, clarifying that the move was not a new acquisition but rather a correction in wallet ownership. As a result, Coinbase now trails only behind Upbit and Ripple Labs in terms of XRP holdings.
Despite this significant holding, the update does not appear to have had an immediate impact on XRP's price, which is currently trading near $1.43 amid broader market movements. However, it does provide a clearer insight into XRP ownership, shedding light on the distribution of XRP among various entities.