XRP has been linked with Coinbase, which caused the altcoin rose rapidly in value on March which eventually fell again once the U.S. exchange debunked those rumors
This phenomenon is not new as the value of XRP rises everytime it gets linked with Coinbase but falls once those rumours are realized as rumours and not truth. Despite all the work Ripple have done in seeking to develop Middle Eastern partnerships and persuade banks to trial their cryptocurrency,this doesn’t seem to have much impact on price. At the mention of Coinbase, however, the coin embarks on a rapid ascent that puts other altcoins in the shade.
On March 5, XRP began one of those climbs and was soon the day’s best performer, up 15% to a peak of $1.07. Still a long way off from its January peak of $3.64, admittedly, but a solid start nonetheless. A Coinbase listing was coming, the word on the web went, and ripple was as good as confirmed. And then when Coinbase finally broke its silence to state that it had no plans to add new altcoins anytime soon, the value of the XRP fell suddenly. While it didn’t mention XRP specifically, the implication was clear: “We have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.”