The Regal Ring is a socializing tool in the Captain Outfitter.
The Regal Ring enables Royal Charm, which replaces Charm. This ability is superior to Charm, requires no energy, and thus, cannot be upgraded. The Regal Ring has the same effect - regardless of where it is placed on the Captain - as the Synergizer's Holo Charm, aside from the different animation - the Royal Charm causes the Captain to bow, humbly, in a sophisticated manner, and also plays a trumpet-like sound when used. It is able to be shrunken to a size that looks reasonable on the Captain's wrist, rather than the rather ridiculous default size.
For captains with a shortage of energy and poor ordinary Charm who are in a social adventure, the Regal ring is effective. However, if they have plenty of energy and are required to impress creatures very tough to impress, the Synergizer is a better option. Captains often don't need too many social items, especially if their ordinary social abilities are good.