Coinbase Wallet Update Triggers $5.57B XRP Visibility Spike

A recent update to Coinbase's wallet has led to an appearance of 5.57 billion XRP on the exchange.

This increase in XRP visibility is not due to a new purchase, but rather the result of updating the wallet's tags and identifying previously unknown Coinbase wallets by XRPScan, which added their balances to the total account.

Coinbase's 5.68 billion XRP appearance is actually indicative of its storage capacity, not a direct investment in XRP.

XRP saw a price increase of around $1.43 after the announcement, with a seven-day gain of over 7%.