Latest News: XRP Gains Momentum While Bitcoin Struggles

United States – While Bitcoin is currently the most prominent digital currency, Ripple’s XRP gains more interest this 2020. Throughout the year, Ripple continuously adds new features to help fund business operations and incentivize customers.

According to internal sources, Ripple’s XRP trades well above the $0.2500 support and runs a steady increase. Last October, the digital asset even broke the $0.2600 resistance level. XRP has resumed its march higher despite the coronavirus pandemic.

Other top ten cryptocurrencies, including Bitcoin and Ethereum, have not gained the same increase this year. Although Ripple’s XRP fell as the economy closed, many critics claim that the currency can still win before 200 ends.

Many investors are happy with XRP’s performance, especially with the latest On-Demand Liquidity that has increased significantly in the third quarter. Despite experiencing some fallbacks last April and May, investors believe that XRP can outperform Bitcoin in the next months. It may not look much, but XRP’s price and performance are getting better.

As some critics explain, XRP can break out of a falling wedge, and people will surely be surprised with Ripple’s performance in 2021. Some analysts predict XRP rising to $0.77, which is incredibly higher than the $0.25 mark this year. Ripple’s XRP may not easily break the strong resistance along with the $0.33 this year, but it will surely stabilize and level up next year.

Recently, Ripple purchased $46 million XRP for the first time, despite owning nearly half of the currency’s supply. The executives claimed that the transaction aims to support ‘healthy markets” and create more interests around XRP. With this strategy, Ripple can increase XRP’s price, especially during the launch of the newest system called Line of Credit, where customers can buy XRP on credit from Ripple. Unlike Bitcoin, Ripple uses new ODL capabilities to source XRP liquidity from the open market dynamically.

Furthermore, Ripple also opened its newest regional headquarters in the Dubai International Financial Centre. This location is suitable for Ripple since it has a unique and reliable judicial system and regulatory framework.

The blockchain-based payment firm reportedly chose Dubai since it has more innovative regulations and offers a special economic zone for blockchain-based companies across the Middle East, South Asia, and Africa.

Ripple CEO Brad Garlinghouse has shared that the DFIC in the United Arab Emirates offers companies like Ripple profits for at least 50 years and no corporate income taxes.

Ripple Starts Dubai Headquarters Amid Rumors of Relocation

Dubai, UAE – Blockchain company Ripple has revealed that it will open its new regional headquarters in the Dubai International Financial Centre (DFIC). The DIFC is a well-known and reputable financial hub in the MENA region that promotes a tax-free economic one with an English-language law system. It also does not impose any restrictions on cryptocurrency and foreign ownership.

Ripple CEO, Brad Garlinghouse, announced that the San Francisco-based firm would relocate its headquarters overseas due to the United States’ new regulatory regarding XRP. Fortunately, Dubai is a clear taxonomy, and the country does not consider XRP as a threat to security. With this clarity, it would be advantageous for the company to operate in the United Arab Emirates.

Since October, Ripple has been busy with its legal battle with many cryptocurrency investors that accuse XRP as an unregistered security. The company disputed all allegations and proved that all misleading statements about XRP are wrong.

Meanwhile, the US Securities and Exchange Commission claimed that XRP comes with many uncertainties than Bitcoin and Ethereum. The “security” label matters to XRP since it does not operate the same way as other altcoins. If Ripple does not do something about this issue, it could heavily impact the digital asset. Although Ripple claims to be independent, it owns 55 billion of the total 100 billion XRP worldwide.

Because of Dubai’s unique regulatory environment, Ripple decided to build its regional headquarters in DIFC. Currently, this area already registered over 100 fintech firms and more than 400 startups. Fortunately, the DIFC Authority, Arif Amiri, considers Ripple an exciting and reliable addition in Dubai this 2020. The CEO also claimed that Ripple would surely enhance its development in Dubai.

Since Ripple is well-regarded globally for innovation, it can be a perfect partner and client for DIFC, given its vision to drive the future of finance. Together, Ripple and DIFC can expand blockchain finance in Dubai, UAE, and other regions.

Currently, the San Francisco-based firm already built strong connections with oil-rich Middle Eastern countries. The executives also have a significant client based in the MENA region, and the opportunity to expand its business made DIFC an excellent choice. As reported today, the UAE is one of the options for relocating Ripple’s main headquarters.

Aside from UAE, Ripple also considers Japan, the United Kingdom, Switzerland, and Singapore as possible destinations for Ripple’s main headquarters. These countries have been showing support to the company since 2019.