Coinbase Stock Is Crashing Massively, XRP Army Is Happy. Here’s why

Coinbase Global Inc. saw its stock plunge 19.31% over five days, trading at $160.42 by March 30. The sharp decline coincides with renewed attention on historical claims that Ripple was pressured to pay for XRP’s listing on the exchange.

Abs Nassif, host of the Good Evening Crypto podcast, highlighted the link alongside a chart showing the stock drop. The XRP community quickly responded, interpreting the decline as a long-overdue outcome.

Historical XRP Listing Allegations

The controversy around XRP listings dates back to comments made by former Ripple CTO David Schwartz in 2023. His comments suggested that Coinbase demanded millions of dollars from Ripple to list XRP, despite the fact that the move was in the exchange’s best interest.

Ripple eventually gave in after an extended period, as the company did not want to limit XRP’s reach. Both companies struck a deal. Ripple paid, and XRP transactions quickly became 20% of Coinbase’s revenue.

Notably, this even further harmed XRP, as Schwartz noted that the SEC used it against Ripple during the lawsuit. This revelation infuriated the XRP army, who have now threatened to crash the exchange’s stock price. Coinbase’s recent stock decline reflects heightened scrutiny from retail investors and the XRP community.

Many market participants suggest that the coordinated attention of XRP holders influenced trading patterns and market sentiment. Observers noted that investors have strategically moved assets, partially in response to reminders of past listing disputes.

XRP Community Celebrates

The XRP community reacted quickly to Nassif’s post. Many reported moving funds away from Coinbase entirely, including selling XRP or transferring holdings to other platforms.

One user revealed that he closed his account, and another stated that he moved all tokens that were not in cold storage to another platform. Another stated that he sold his Coinbase stock and invested in Evernorth, the new XRP treasury company dominating headlines.

Users celebrated the perceived effect of these actions on Coinbase’s stock and emphasized loyalty to XRP. Comments indicate that XRP holders are actively monitoring exchange behavior and responding in ways they believe enforce accountability.

One commenter reiterated an important point, writing, “They’re forgetting they need us more than we need them.” While Coinbase might have initially made some money from Ripple, the exchange could lose much more as XRP holders leave as the asset brings institutional interest and generates substantial revenue on the platform.

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