- Coinbase’s XRP cold wallets drop significantly, fueling widespread speculation and theories.
- Bill Morgan’s comments shift XRP community’s view on Coinbase’s actions.
- XRP_Liquidity tracks major movements in Coinbase’s XRP cold wallet reserves.
The XRP ecosystem has been buzzing with intense speculation following reports of a significant drop in Coinbase’s XRP reserves. Recently, an analytics account, XRP_Liquidity, claimed that Coinbase’s XRP cold wallets had been emptied, causing a ripple of shock throughout the crypto community.
This sudden activity has sparked widespread theories, particularly since the drop in reserves occurred shortly after major events like Ripple CEO Brad Garlinghouse’s wedding and BlackRock’s expanding influence in the crypto space.
According to XRP_Liquidity, significant movements in Coinbase’s cold wallets began in June 2025, with the wallets dropping from a balance of nearly one billion XRP to just tens of millions.
However, an in-depth on-chain investigation reveals a more measured story. According to data XRP_Liquidity, Coinbase’s XRP cold wallets did indeed experience a steep reduction over the summer. At the start of June, more than 50 Coinbase-linked wallets held nearly one billion XRP.
By mid-September, these holdings had dropped significantly, leaving no XRP reserve in its cold wallet, according to the on-chain tracker. Although there has been a significant decline in Coinbase’s XRP holdings, reports show that the exchange still retains a notable amount of XRP in its wallets.
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Response from XRPL Validators
Notably, the viral claim was quickly debunked by XRPL validator Vet, who responded directly to the allegations. He pointed out the implausibility of Coinbase having no XRP while the asset continues to be listed and actively traded on the exchange.
Vet emphasized the importance of sound analysis, warning against jumping to conclusions based on partial or sensational data. His input underscored the need for caution when interpreting on-chain data, reminding the community that the complete picture is often more complex than it seems.
Bill Morgan’s Shift in Perspective on Coinbase and XRP
In the midst of these developments, Bill Morgan, a prominent lawyer and known supporter of XRP, weighed in on the ongoing relationship between Coinbase and the XRP community. Although Coinbase had previously delisted XRP in January 2021, following the SEC lawsuit against Ripple, Morgan now finds it increasingly difficult to remain angry at the exchange.
His comments reflect a shift in the broader sentiment within the XRP community, particularly as Coinbase has become more vocal in its legal action against the U.S. Securities and Exchange Commission (SEC).
Morgan’s remarks echo a growing sense of recognition for Coinbase’s current efforts to hold the SEC accountable. While the exchange’s initial decision to delist XRP in the wake of the legal battle was a blow to the asset and its holders, Morgan now sees a more nuanced picture.
The legal challenges Coinbase has taken on are being viewed more favorably by some, signaling a change in the dynamics between the exchange and the XRP supporters.
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