Blockchain data shows the exchange now controls just over 132 million tokens, well below Kraken’s 185 million and far behind leaders like Binance, Upbit, and Uphold.

From Billions to Barely Hanging On

The drop is striking compared to July, when Coinbase managed more than 780 million XRP across 60 wallets. By September, only ten wallets held positive balances. A recent transfer of about 16.5 million XRP, divided into smaller outbound transactions, underscored the steady decline.

Analysts point to a loss of liquidity on Coinbase’s XRP markets as one reason for the contraction. The arrival of CME’s XRP futures has drawn institutional demand toward competitors, while exchanges such as Binance and Bybit continue to dominate daily trading volumes.

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Competition Heats Up

Some market watchers believe Coinbase cut reserves strategically at XRP’s highs, redirecting coins to institutional custody. Others argue the exchange has simply lost ground to rivals launching innovative products — Gemini’s XRP credit card with cashback rewards being one example. Gemini’s app even briefly surpassed Coinbase in downloads after the card’s rollout.

For Coinbase, the fall from the leaderboard comes at a time when global appetite for XRP is growing. Its shrinking presence suggests that, at least in this market, the exchange is struggling to keep pace with competitors aggressively expanding their XRP footprint.

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