Coinbase’s Massive XRP Divestment Sparks Market Speculation and Legal Scrutiny

In a dramatic shift that has sent ripples through the cryptocurrency community, Coinbase has reduced its XRP holdings by a staggering 69% since Q2 2025, dropping from 780 million to under 200 million tokens. This substantial divestment has caused the exchange to fall from fifth to tenth position among the largest XRP custodians, triggering allegations of potential price manipulation. Social media analysts have pointed to concerning patterns, with approximately 40% of the outflows reportedly moving through New York OTC desks and an estimated 70% of transactions occurring during low-liquidity windows. Despite these allegations, prominent pro-XRP attorney Bill Morgan has publicly dismissed claims of coordinated price suppression as 'highly unlikely,' creating a fascinating dichotomy between market speculation and legal perspective. The timing and scale of these transactions, occurring between June and September 2025, have raised questions about exchange transparency and market manipulation safeguards in the increasingly institutional cryptocurrency landscape.

Pro-XRP Lawyer Dismisses Coinbase Manipulation Claims as 'Highly Unlikely'

Coinbase has slashed its XRP holdings by 69% since Q2 2025, dropping from 780 million to under 200 million tokens. The rapid divestment knocked the exchange from fifth to tenth among largest XRP custodians, sparking allegations of coordinated price suppression.

Social media speculation suggests 40% of outflows moved through New York OTC desks, with 70% executed during low-liquidity windows. Pro-XRP attorney Bill Morgan rejects these claims, calling manipulation theories unfounded despite observed correlations between sales and price dips.

Gemini Announces IPO Plans, Set to Become Third Public Crypto Exchange

Gemini Space Station, Inc., the parent company of the Winklevoss twins' cryptocurrency exchange, has initiated the process for an initial public offering (IPO). The filing with the SEC outlines plans to offer over 16.6 million shares of Class A common stock, priced between $17 and $19 per share. Underwriters may purchase an additional 2.5 million shares to cover over-allotments.

The move positions Gemini to follow Coinbase and Bullish as the third major crypto exchange to go public. Market observers note the timing reflects growing institutional confidence in digital asset infrastructure, despite recent regulatory scrutiny across the industry.

NASDAQ listing remains contingent on SEC approval, with no guaranteed timeline for completion. The offering's final size and valuation will depend on market conditions during the roadshow period.