A massive change in Coinbase’s reported XRP holdings initially appeared to show that the exchange had received billions of XRP in a single hour. However, the dramatic increase did not represent a new purchase or transfer. It resulted from a wallet identification update that changed how Coinbase’s existing XRP holdings were recorded.
BSCN reported on X that Coinbase’s XRP balance appeared to jump by 4,870% to more than 5.5 billion XRP, based on data reported by XRP Rich List on September 8. The size of the increase immediately raised questions about whether Coinbase had suddenly acquired billions of dollars worth of XRP.
XRPScan’s subsequent clarification showed that the situation was different. No corresponding transfer of billions of XRP had taken place. Instead, XRPScan had identified 146 previously unlabeled wallets belonging to Coinbase and added those addresses to the exchange’s reported balance.
This update caused XRP holdings already associated with Coinbase to be reflected more completely in its rich-list ranking.
Coinbase’s Massive XRP Surge Was Not a New Purchase
Coinbase’s ripple:native balance appeared to jump 4,870% to more than 5.5 billion XRP within an hour, as reported by XRP Rich List on Sept 8.
The massive increase initially suggested the exchange had suddenly received billions… pic.twitter.com/6uqUbGKkZW
— BSCN (@BSCNews) September 9, 2026
XRPScan Identified 146 Coinbase Wallets
XRPScan’s clarification is central to understanding the reported surge. The blockchain data platform identified 146 wallets that had not previously been labeled as Coinbase addresses. Once those wallets received the Coinbase label, their existing XRP balances were incorporated into Coinbase’s reported holdings.
As a result, the exchange’s balance rose sharply on the XRP rich list without requiring Coinbase to receive a new 5.5 billion XRP transfer.
Coinbase now ranks third on the XRP rich list, with approximately 5.68 billion XRP attributed to its identified wallets. The figure therefore reflects the XRP held across the newly identified addresses rather than a single newly acquired balance.
The development also highlights the importance of distinguishing between changes in blockchain data labeling and actual asset movements. A sudden increase in an exchange’s reported holdings can result from address attribution changes rather than buying activity.
Nick Martin Explains Why Such Changes Can Be Misleading
Commenting on the development, Nick Martin said merchants frequently ask him whether a major balance movement means that a large investor has bought XRP.
“Almost never,” Martin said, explaining that identifying 146 previously unlabeled wallets within an hour represented a bookkeeping change rather than a major purchase.
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Martin added that the 5.68 billion XRP attributed to Coinbase “were sitting there yesterday too.” His comments reinforced XRPScan’s clarification that the reported increase did not indicate that Coinbase had suddenly accumulated the assets.
The incident provides an important distinction when interpreting XRP wallet data. Rich-list rankings depend partly on identification and labeling of wallet addresses. When an analytics platform connects previously unidentified addresses to a known exchange, the exchange’s reported balance can change substantially even when no new XRP enters its custody.
For Coinbase, the updated attribution places the exchange among the largest identifiable XRP holders. However, the 5.68 billion XRP figure should not be interpreted as evidence of a fresh multibillion-dollar XRP purchase.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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