Coinbase's XRP Balance Surges by $7.74 Billion in One Hour

A massive spike in Coinbase's XRP balance has been reported, with the exchange now holding over $7.74 billion worth of XRP tokens. According to XRPScan, a leading XRPL block explorer, this sudden increase occurred on September 8, with Coinbase's cumulative XRP balance rising by 5.569 billion XRP tokens.

This represents a staggering 4,870% increase within the hour and has propelled Coinbase to become the third-largest XRP-holding entity. The exchange now holds around 5.684% of the total XRP supply, surpassing Binance's balance of 2.608 billion XRP.

The sudden surge in Coinbase's XRP balance has sparked interest among the XRP community, with some questioning whether these tokens actually belonged to Coinbase as an entity or to customers who hold XRP balances on the platform. XRPScan noted that the assets likely involve customer balances, suggesting that this increase was not due to a typical exchange inflow event.