Coinbase’s XRP Reserves Plummet
Just two months ago, Coinbase ranked as the fifth-largest XRP holder among exchanges, with around 780 million XRP in its reserves. As of this week, that number has shrunk to just 132.4 million XRP, pushing Coinbase outside the top 10 list.
Top 10 Exchanges XRP holdings
1. Upbit 5.871B
2. Binance 2.822B
3. Uphold 1.739B
4. Bithumb 1.655M
5. Bitbank 575M
6. Coincheck 555.4M
7. Etoro 472.3M
8. Cryptocom 378.7M
9. Coinone 295.18M
✅10. Kraken 185.13MDropped from Top 10
❌ Coinbase 132.4M
❌ SBI VC 61.7M https://t.co/gfMYwntrL4— XRP_Liquidity (Larsen/Britto/Escrow/ODL/RLUSD) (@XRPwallets) September 8, 2025
Currently, the leading exchanges holding XRP are:
- Upbit: 5.87 billion
- Binance: 2.82 billion
- Uphold: 1.74 billion
- Bithumb: 1.66 billion
- Bitbank: 575 million
- Coincheck: 555 million
- eToro: 472 million
- Crypto.com: 380 million
- Coinone: 295 million
- Kraken: 185 million
Analysts suggest several factors may explain Coinbase’s declining XRP reserves. A portion of XRP is moving into liquidity programs, investment products, and institutional trust accounts, which are less visible on exchange wallets. Additionally, institutional investors may be taking custody of their own XRP holdings.
Bill Morgan’s Quip on Coinbase
Maybe it will delist XRP again, this time by not holding any. 🤣 https://t.co/SjBgKTA2LI
— bill morgan (@Belisarius2020) September 9, 2025
Attorney Bill Morgan, who closely follows Ripple and XRP developments, commented humorously on the situation. He suggested Coinbase might “delist XRP again, this time by not holding any.”
Coinbase has had a turbulent relationship with XRP. In January 2021, the exchange suspended XRP trading after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs. Later, in January 2023, Coinbase announced plans to delist XRP from its wallet services, citing low usage. However, following a federal court ruling in July 2023 that clarified XRP sales on exchanges were not securities, Coinbase resumed XRP trading.
Support for XRP Despite Declining Holdings
Despite the drop in reserves, Coinbase has not signaled any intent to remove XRP from its trading platform. On the contrary, the exchange recently launched 5x leverage perpetual futures for XRP. Coinbase CEO Brian Armstrong welcomed the development, calling it “great progress on U.S. perpetual futures.”
Speculation has also emerged about whether Coinbase’s reduced holdings could impact XRP’s price. Morgan, however, dismissed suggestions of manipulation, noting that XRP’s price movements have mirrored broader market trends regardless of Coinbase’s stance.
The steep decline in reserves raises concerns among XRP holders, but Coinbase’s recent actions, including new trading products, suggest the exchange continues to support the asset despite shifting custody patterns.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
