price on the website by 30 percent.
The XRP token from Ripple was estimated to have received almost a dollar on the coin exchange before the outage. Tweeted by a crypto bull:
â€œWe almost touched $1.00 on Coinbase #XRPâ€
No other platforms have reported $0.90 in price value for XRP except on Coinbase, while XRP has gained significantly today, even reaching 100 percent increases on some exchanges. Hence the bullish rally on the coin exchange was most likely to have been caused by users of Coinbase.
The triumph was short-lived, however, as XRP plunged by 30 percent following a trading platform malfunction. With many taking to Twitter to vent their frustration, the outage has been embraced by outrage.
Coinbase goes offline again, sparking the skepticism of traders
This is not the first time the US-based coin exchange has encountered technological failure in tandem with crypto bull runs, according to people familiar with the talks.
Coinbase has previously encountered outages that coincided with Bitcoin’s bull runs, such as the price surge that occurred earlier in April. When Bitcoin and altcoins are rallying bullishly, the technical difficulties that impede operation on Coinbase may not often happen but have coincided with enough occasions for investors to signal it.
This year alone, due to communication problems, Coinbase has gone down at least nine times. In most instances, except for a message that suggests that Coinbase.com is having connectivity problems, not much of an update is provided to investors.
As Ripple has gained a lot of attention in the last week and as the connectivity problem of Coinbase coincided with the recent price rise of the XRP token, one crypto enthusiast tweeted:
â€œCoinbase goes down again. Lmao. Every single time.â€
Others have previously called for legal action, signaling that while crypto markets are looking up, there is something odd about how the crypto exchange shuts down. Tweeted by a crypto influencer:
â€œCoincidence that everytime we have huge market moves @coinbase shuts down? @SEC_Enforcement seriously investigate that is fishy. We need some transparency on this.â€
Currently, Coinbase appears to be running normally again, with its official website reporting that all systems (are) operational. However, this was not before “Down detector” crypto analytics picked up a spike in Coinbase issues at 1 pm. Most of the technical problems reported are linked to the website or log-in.
At present, the price of XRP on Coinbase seems to have recovered, and in the last 24 hours, it has risen by 53.33 percent on the coin exchange.