Coinbase loses 90% of XRP reserves in three months

Coinbase’s XRP reserves have dropped by nearly 90% over the past three months, according to on-chain data analyzed by XRPWallet from XRPscan.

At the beginning of the summer, the U.S.-based exchange managed approximately 970 million XRP across 52 cold wallets. Ten of these wallets held 26.8 million tokens each, while the remaining 42 combined for 16.8 million. At that time, Coinbase ranked among the most visible custodians of XRP.

By mid-September, however, the situation had changed significantly. Only six wallets remained active, each containing around 16.5 million XRP, leaving the total below 99 million – the lowest level in years.

The reduction marks an 89.79% decline compared to June, the result of consistent outflows to external destinations. Recently, a transaction of 16.5 million XRP, valued at $51.4 million, was moved back into a Coinbase-controlled wallet.

While the final destination of the assets remains unclear, XRP continues to hold its position as the world’s third-largest cryptocurrency, with a market capitalization of approximately $181 billion.