The post Why is the RSR Token Price Up Today? appeared first on Coinpedia Fintech News
The Reserve Rights (RSR) token has taken the spotlight in the crypto world, soaring 138% in just 24 hours. This sudden jump pushed RSR’s price to $0.02518, its highest since early 2022. The excitement around this surge comes from rumors that Paul Atkins, a former SEC commissioner and early advisor to the Reserve Rights token, might be chosen as the next SEC chairman.
RSR’s Price Spike 138%
RSR is an ERC-20 token that serves two main purposes for the Reserve protocol has seen its price shoot up from $0.00933 to $0.02518 in just one day. This sharp increase also brought a massive 3,100% jump in trading volume, reaching $1.26 billion.
The token’s recent performance has surpassed many other cryptocurrencies surge during the market’s recent rally that began in early November, with a 177% weekly gain and over 300% growth in the past month.
Meanwhile, the market cap of RSR climbed to over $1.17 billion, reflecting a 130% increase in just one day.
Paul Atkins Links To RSR Surge
A big reason behind RSR’s surge could be rumors about Paul Atkins, a former SEC commissioner. Reports suggest that President-elect Donald Trump might choose Atkins to replace Gary Gensler as the next SEC chair.
Paul Atkins is remembered for his early support of Reserve Rights during its initial stages. Although he is no longer directly involved with the project, his past association has excited investors.
Nevin Freeman, Reserve’s co-founder, highlighted Atkins’ openness to cryptocurrency in early discussions. He believes that if Atkins leads the SEC, it could mean better conditions for cryptocurrencies like RSR, especially with changing regulations.
Long-Term Target for RSR
Since September 2023, RSR’s weekly chart has shown steady growth, breaking out of a long-term downward trend that began after its 2021 all-time high. This breakout signals the end of the previous correction and the start of a new upward trend.
Meanwhile, prominent crypto analyst Gert van Lagen pointed out the formation of a bullish “Head and Shoulders bottom” pattern on RSR’s chart.
If the token breaks past the resistance of $0.045, potentially reaches its all-time high of $0.1189. In the long term, the token might aim for milestones like $2 and even a target of $9.
At the same time, the Reserve Protocol is seeing more adoption. Its total value locked (TVL) has risen from $15 million to $283 million in just one month.
