Coinbase’s 5.57 billion XRP increase reflects account reclassification

Coinbase’s XRP holdings were tallied as up 5.569 billion XRP on Sept. 8, but the increase reflects the identification of an existing Coinbase-linked account rather than new inflows, The Crypto Basic reported, citing XRPScan. According to XRPScan, the newly classified Coinbase address held about 5.5 billion XRP, lifting Coinbase’s recorded balance to 5.683 billion XRP and making it the third-largest XRP holder after Ripple and South Korean exchange Upbit. XRPScan said the tokens are more likely customer holdings than Coinbase’s own assets, and the outlet added the increase should not be viewed as investor deposits of XRP onto the exchange.