Ripple Price Trades Lower As Opening of Dubai Office Reinforce US Regulatory Concerns

Ripple price took a breather this Monday after reports that Ripple Labs has opened a new regional headquarters at the Dubai International Financial Centre (DIFC). In a statement, the company said it chose the DIFC as a result of its expansive network, “innovative regulations and reputation as a leading global financial centre”.

Dubai is known for its warm embrace of cryptocurrencies and blockchain technology products. The choice of the DIFC by Ripple comes as the company prepares to exit the United States due to Ripple’s perception of the country as an unfriendly regulatory environment. 

Singapore had been on the radar for a possible move of its San Francisco HQ, but actions from regulators in that country may have forced Ripple to start looking elsewhere. Ripple price was down on the day as Bitcoin prices also cooled off. 

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Technical Outlook for Ripple Price

Today’s 1.82% downside move at the time of writing confirms the pullback from the rejection at 0.25345. This also presents the 3rd progressively lower high and sets up the Ripple price chart for more selling activity. This outlook sees the initial target for sellers at 0.24425, with 0.22928 and 0.21955 lining up as additional targets to the south. 

On the flip side, a stall at 0.24425 followed by a cross of the 10-SMA over the 50-SMA, may signal upside resumption. This move may retest the 0.25345 resistance. It would take a break above this level and 0.25983 to bring 0.27082 into focus. Additional targets to the north include 0.28581 and in the medium term, 0.30687. 

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Ripple Price (Daily) Chart

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