XRP reserves on Coinbase have fallen sharply, with crypto commentator Diana saying the exchange now holds about 101.86 million XRP. Over the past 30 days, net outflows were reported at between 21 million and 95 million XRP, a sign that more holders are moving tokens off the platform.
The shift is being framed as more than routine portfolio movement. Diana said some XRP holders appear to be “boycotting” Coinbase, linking the withdrawals to regulatory friction and renewed concerns tied to Ripple. As balances decline and withdrawals keep rising, the exchange’s available XRP supply has tightened over a short stretch of time.
Persistent outflows reduce exchange-side XRP supply
The report describes sustained net outflows over the last month, suggesting that a portion of users are choosing self-custody or sending funds to other trading venues. If that pattern continues, XRP liquidity on Coinbase could become more constrained, especially if demand on the exchange starts to pick up again.
Community discussion has added to the pressure. Recent debate inside the XRP community has focused on regulatory developments and past decisions made by exchanges, and that change in sentiment appears to be showing up in withdrawal activity.
CLARITY Act dispute and old listing claims return to focus
Diana tied the reserve decline to several issues shaping investor sentiment. One of them is the claim that Coinbase rejected draft versions of the CLARITY Act twice. The bill is intended to create clearer rules for digital assets in the United States, and the reported resistance has led some market participants to question how closely Coinbase aligns with that push.
Brian Armstrong provided more context on the exchange’s position, saying Coinbase could not support the Senate Banking draft because of concerns around tokenized equities, DeFi restrictions, and risks to financial privacy. That stance has been contrasted with Brad Garlinghouse’s support for clearer digital-asset regulation, a comparison that has resonated with parts of the XRP community.
Pressure has also come from revived discussion around XRP’s earlier listing path. The report cited prior coverage saying David Schwartz had described a scenario involving a multi-million-dollar listing request, which many linked to Coinbase. Those claims remain disputed, but together with the regulatory debate and the continued withdrawals, they have coincided with a marked drop in XRP held on the exchange.