The largest crypto exchange in the U.S., Coinbase, has significantly reduced its XRP holdings. According to analysts, this decision may be linked to changes in partnership.
XRP Holdings Reduction at Coinbase
According to data from XRPwallets, the amount of XRP held by Coinbase has decreased by more than 500 million coins. In July, Coinbase owned 780.13 million XRP, ranking fifth among the leading exchanges. In the newly published list, Coinbase has dropped to tenth place, holding only 199.473 million XRP.
Impact of BlackRock on Holdings Changes
XRPwallets links the reduction in Coinbase's holdings with the largest investment firm BlackRock, which began its collaboration with Coinbase last month. Under this partnership, Coinbase is providing institutional clients of BlackRock access to cryptocurrency trading through the Aladdin platform. This collaboration likely includes the cryptocurrency XRP, indicating growing interest from institutional investors in this coin.
XRP's Prospects Amid Changes
The reduction of XRP holdings at Coinbase may indicate shifting strategies in the storage and trading of this cryptocurrency. Considering the increasing interest from major financial players, XRP may attract more attention in markets, which could ultimately impact its future use and value.
The reduction of XRP holdings at Coinbase and the partnership with BlackRock highlight the importance of changing dynamics in the cryptocurrency market, increasingly attracting institutional investors.
