Coinbase rises to third on XRP rich list after wallet labeling update

Coinbase has risen to the third position on the XRP rich list following a significant wallet labeling update by XRPScan. While automated bots initially reported a massive single-hour inflow of over 5.5 billion XRP—a 4,870% increase—XRPScan clarified that no actual purchase or transfer occurred.

The perceived surge was the result of identifying and labeling 146 previously unknown Coinbase wallets. This reclassification moved the tokens from the ‘Unknown’ category to Coinbase’s consolidated total on the blockchain explorer.

Following this update, Coinbase is associated with approximately 5.68 billion XRP across 152 accounts, representing about 5.68% of the total XRP supply. This places the exchange behind Ripple, which holds the top spot, and Upbit, which holds the second position. XRPScan noted that these large exchange balances typically represent pooled customer funds rather than proprietary institutional investments.