Coinbase is facing a new wave of backlash from XRP supporters amid reports that are not fully verified and suggest the exchange’s XRP holdings have fallen sharply. The pressure has been linked to the #BoycottCoinbase campaign and to disagreement over Coinbase’s stance on pending market-structure legislation.
What can be verified from the reporting is the claim now circulating through the market: Coinbase is said to hold about 101.86 million XRP, roughly 0.17% of total supply. That figure became the focal point for calls to boycott the exchange, but it does not amount to on-chain proof of customer outflows.
The dispute is also intersecting with politics, with members of the XRP community pointing to pro-CLARITY Act lawmakers as a pressure point. That has turned what might otherwise be a reserve-transparency debate into a broader argument about influence, alignment, and legislative positioning.
For now, the story remains one of sentiment rather than confirmation. More conclusive evidence would require transparent reserve data, audited disclosures, or clear follow-through in market behaviour, and the script provides none of those.