Major XRP Price Rebound Could Happen As Ripple Plans To Relocate

A major XRP price rebound could happen as Ripple announced to relocate its headquarters out of the United States as we reported in the Ripple news.

XRP is giving signs of a significant price rebound as Ripple Labs said that there are plans to move out of the United States. The San Francisco-based blockchain company iterated via Chris Larsen that it may shift to a more friendly country like the Switzerland, Japan, Singapore, or the UK because of America’s lack of regulatory clarity for crypto businesses and blockchain companies:

 “The message is blockchain and digital currencies are not welcome in the US. You want to be in this business, you probably should be going somewhere else. To be honest with you, we’re even looking at relocating our headquarters to a much more friendly jurisdiction.”

The statement came after the US court dismissed two of three allegations against Ripple the previous week as the charges were a part of a class-action lawsuit which was filed by investor Vladi Zakinov in November 2018 alleging that the company and its CEO Brad Garlinghouse sold them as illegal securities in the form of an XRP token. Mr. Garlinghouse blamed the US SEC for its inability to clarify better laws for blockchain firms adding that Ripple is not trying to avoid the rules by deciding to move away from the country but it wants to operate in an environment where the regulations are clear.

Strongest internet companies built in the US, in part b/c of regulatory clarity. We have that opp with blockchain + digital assets. Responsible players like Ripple aren’t looking to avoid rules, we just want to operate in a jurisdiction where the rules are clear. #DCEA of 2020 https://t.co/LqbEDuMXvx

— Brad Garlinghouse (@bgarlinghouse) October 6, 2020

XRP’s first reaction to the news was positive as the cryptocurrency by market cap increased to $0.0032 or 1.35% but it failed to turn the upside into a full-fledged bullish movement correcting lower to $0.246 as of the time of writing. Vince Prince, a market analyst stated in a note that he believes that a major XRP price rebound could happen soon which could settle around $0.233 and $0.235.

 “[XRP] has the preliminary support within the blue level marked in my chart [as shown below] between 0.2335-0.235 which is an important support to hold for XRPUSD before moving upward.”

The analysis came as the inverse Head and Shoulder pattern formed and if sustained it prompted the XRP price to rebound to the neckline while sitting near the $0.2604 as he added:

 “It will be interesting to see XRPUSD further development in the structure. And, in comparison to the rest market, this is a structure [that] has good potential.”