XRP has made headlines once again as Coinbase slips from the top 10 exchanges holding the cryptocurrency, sparking speculation and concern in the crypto community.

Coinbase’s Rapid XRP Reserve Decline

The amount of XRP held by Coinbase has seen a notable decrease in recent months. A recent analysis by XRP Liquidity drew attention to the continuing drop in reserves, raising questions about the platform’s intentions. Just over two months ago, Coinbase was the fifth-largest exchange in terms of XRP holdings, with approximately 884.3 million XRP.

Fast forward to this week, XRP Liquidity revealed that Coinbase’s reserve has plummeted to just 132.4 million XRP, representing a steep 85% decline. This dramatic shift has caused the exchange to fall out of the top 10 list of XRP-holding exchanges.

Current Top Exchanges by XRP Holdings

In the current landscape, exchanges like Upbit and Binance now dominate the top positions for XRP holdings:

• Upbit – 5.871 billion XRP
• Binance – 2.822 billion XRP
• Uphold – 1.739 billion XRP
• Bithumb – 1.655 billion XRP
• Bitbank – 575 million XRP
• Coincheck – 555.4 million XRP
• eToro – 472.3 million XRP
• Crypto.com – 378.7 million XRP
• Coinone – 295.18 million XRP
• Kraken – 185.13 million XRP

Previously ranked among these major holders, Coinbase’s absence is both notable and concerning for many XRP advocates.

Steady Weekly Drop Raises Eyebrows

An earlier report from The Crypto Basic dated September 8 indicated that Coinbase held 199 million XRP—already a substantial decrease from June. By the following day, those holdings had dipped even further to 132.4 million XRP. This additional 67.07 million XRP reduction—worth around $200 million at current market prices—occurred in just seven days, further fueling concerns across the community.

Speculation Around Internal Transfers

Adding a layer of complexity, an XRP transfer reportedly amounting to $52.68 million was also traced back to Coinbase. However, blockchain data confirmed this was an internal transaction, not an external sale or transfer to a third party.

A neutral visual representation of blockchain transactions and crypto platforms.

Is Coinbase Manipulating XRP?

The absence of any formal response from Coinbase regarding these rapid declines has left room for rumors and accusations. Some figures in the crypto world believe this is a calculated strategy. Commentator Stern Drew has highlighted the consistency between these sell-offs and XRP’s recent stagnant performance. The token fell from a July high of $3.66 to around $2.70 last week before seeing slight recovery efforts.

Drew added fuel to the fire by suggesting possible collusion between Coinbase and the Ethereum Foundation. According to him, there may be a broader push from Wall Street institutions to suppress XRP’s value—allegedly to let large investors accumulate the token at lower prices. However, it’s important to emphasize that these claims lack hard evidence and remain speculative.

No Official Answer, But Ongoing Interest

Despite the sharp drop in its XRP holdings, Coinbase remains central to XRP discussions. Whether due to conflicting transfers, shifting reserve levels, or conspiracy speculation, the platform continues to be a focal point in arguments about XRP’s future in institutional markets.

Related: XRP Price: $12M Max Pain for Bears

For now, the lack of transparency around these XRP movements leaves the broader community guessing. While some hope it’s part of a broader strategic realignment, others see signs of price manipulation. Regardless, all eyes remain on Coinbase and its next move in the evolving world of XRP.