Coinbase's XRP reserves have plunged by nearly 90% over the past three months, according to on-chain data from XRPWallet and XRPscan. Initially, the U.S. exchange held approximately 970 million XRP across 52 cold wallets. By mid-September, only six wallets remained active, containing just under 99 million XRP, marking an 89.79% decline from June. The significant reduction in XRP holdings has fueled speculation among traders about potential institutional accumulation. However, the final destination of the withdrawn XRP remains unclear, with possibilities including alternative custody providers or new trading routes. Despite the uncertainty, XRP maintains its position as the third-largest cryptocurrency by market capitalization, following Bitcoin and Ethereum.