The XRP balance of Coinbase was once interpreted by the market as a rapid surge, but subsequent verification showed that this change did not indicate that the exchange had purchased new XRP. XRPScan explained that the sudden increase in data was due to a adjustment in the wallet identification method, rather than any new large-scale transfers on the blockchain.
Data changes do not represent actual inflows.
The XRP balance of Coinbase once showed a 4,870% increase in a short period of time, surpassing 5.5 billion XRP, sparking speculation that the exchange had received a large amount of new tokens. Subsequently, XRPScan clarified that this change was due to an update in wallet categorization.
146 wallets were re-credited.
This adjustment has newly identified 146 Coinbase wallets that were not previously tagged. With these addresses being included in the statistics, the holdings of XRP in the Coinbase report have risen to approximately 5.68 billion, and its ranking has also climbed to third place on the XRP wealth list.
On-chain tags influence market interpretation
Changes in the labeling of such wallets can easily lead to misinterpretations in the market. Observations of exchanges' positions, whale addresses, and on-chain flows often rely on address identification and attribution labels; when the statistical criteria change, the surface data will show significant fluctuations.
