It's completely fictional. The plot and events in The Ring were made up by the author or screenwriter. There's no real-life basis for it. It's all part of the imagination to thrill and scare the audience.
Yes, 'The Ring' is based on a true story. It was inspired by a Japanese urban legend about a cursed videotape. People who watched the tape would receive a phone call and then die seven days later.
The 'Ring' movie is purely fictional. It was written and directed to create a spooky and thrilling experience for the audience, not based on any real events or people.