Coinbase's XRP Holdings Soar by Nearly 5,000% in Hourly Surge

Coinbase's XRP holdings have surged 4,870% in an hour, causing speculation about fresh XRP purchases. However, a wallet identification update by XRPScan revealed that this increase was due to the addition of 146 previously unlabeled Coinbase wallets to the exchange's reported balance.

The update added these unlabeled wallets to Coinbase's total balance, which now ranks third on the XRP rich list with approximately 5.68 billion XRP. This significant jump in holdings has left many wondering about the implications for the exchange and the XRP market as a whole.