Coinbase's XRP Balance Explodes 4,870% Due to Wallet Update

Coinbase has seen a massive surge in its XRP holdings, according to the X account $XRP Rich List Bot. The exchange's balance rose by 4,870.7% to 5,569,165,957 XRP.

The increase sparked confusion as there was no announcement of new buys or of Coinbase receiving a massive stash of XRP. Popular XRPL explorer XRPScan clarified the situation on Twitter, stating that Coinbase did not gain 5.5 billion XRP.

Instead, the update brought 146 previously unidentified Coinbase wallets under its recognized rich-list balance, causing it to move into the No. 3 position on the $XRP rich list.

Coinbase now boasts a 5,683,635,165 XRP balance, or a 5.684% share of XRP supply, across 152 accounts. Ripple leads the rich list with a 3,781,131,458 XRP balance and 35,700,000,000 XRP sitting in escrow.

XRPL news also reported that Permission Delegation on the XRP Ledger has passed an independent security review by Cantina Security and the XRPL quality assurance test suite. A major bundled fix amendment, fixCleanup3_3_0, is scheduled to activate on the XRP Ledger mainnet in the next two days if validator support remains above the required threshold.