Why Reserve Rights (RSR) Price Surged 136% After Trump's SEC Nomination?

The RSR price surge has been in the spotlight recently with an impressive increase of 136% recorded on December 3rd. This leap propelled RSR to $0.02518, a peak not seen since early 2022, and positioned it as a leader among the top 100 cryptocurrencies by market size.

This rise comes amidst a wave of speculation surrounding the potential appointment of Paul Atkins as the next Chair of the U.S. Securities and Exchange Commission (SEC). This article will dissect the link between these two events to help you truly understand the driving forces behind RSR price surge and the token’s future potential.

RSR’s Price Surge: A Remarkable 136% Rise in a Day

Before analyzing the causes that brought about the RSR price surge, it’s vital to have a quick recap. As mentioned in the introduction, the token of Reserve Rights has experienced a stunning price growth in a single day. The following are some key figures that help paint the overall picture:

• $1.17 billion: This number represents RSR’s market capitalization on December 3rd, when the price leap occurs.

• $1.26 billion: The amount equals RSR’s 24-hour trading volume on December 3rd (a 3,100% increase), indicating a strong influx of investor interest.

• $333 million: That is the Total Value Locked of the Reserve protocol, which has also witnessed a spectacular jump from just $14 million last November. This increase signifies solid market confidence towards RSR.

• $90.34 million: Recording a significant leap of 394%, this figure is the Open Interest of this ERC-20 token. It suggests a large rise in the number of outstanding derivative contracts tied to the token, which also means there is a substantial increase in investor interest.

While the broader crypto market has been on an upward trend since November, this mind-blowing RSR price surge can be largely attributed to one specific catalyst.

Trump's nomination of SEC Chair

News surfaced on December 3rd that President-elect Donald Trump is eyeing Paul Atkins to succeed Gary Gensler as the next SEC Chair. Atkins, a former SEC commissioner, has a history with Reserve Rights, having served as an advisor to the Reserve Rights Foundation.

This coincidental relationship has ignited a firestorm of speculation and optimism within the crypto community. Many people strongly believe that Atkins' rumored nomination will signal a more favorable regulatory environment for digital assets in the US.

A Breakout from long-Term resistance

Adding to the bullish sentiment, RSR has broken out of a long-term descending resistance trend line that had been in place since its all-time high in April 2021. This technical breakout, together with the positive news surrounding the SEC, implies that RSR may have entered a new phase of upward momentum.

Source: Bitget Wallet

Other indicators, such as the Relative Strength Index (RSI) exceeding 70 and the Moving Average Convergence/Divergence (MACD) forming a bullish cross, further support this positive outlook, pointing to the potential for continued price increases in the near future.

How SEC chair news influences RSR price movements?

The new SEC rumor is not only a coincidental incident but also a strong catalyst for what’s going on with RSR, which serves as both a governance token and an overcollateralization asset of RTokens. There are three reasons to explain this fascinating relationship:

1. Increased investor confidence

The anticipation of Atkins' leadership at the SEC has boosted investor confidence. Atkins is seen as having a more balanced and educated view on cryptocurrencies than the departing chair.

This view stems from his previous advisory position with the Reserve Rights Foundation and his vocal advocacy for responsible innovation in the digital asset field. Investors are betting on a more supportive regulatory environment under his leadership, leading to increased investment in RSR.

2. Positive regulatory expectations

With Atkins at the helm of the SEC, many expect a shift away from the aggressive enforcement actions and severe rules that have characterized the past few years. This prospect for a more favorable regulatory approach has sparked confidence about cryptocurrency's future in the United States.

People believe that clear and balanced regulations are exactly what the crypto industry needs to foster innovation and development, eventually benefiting initiatives like Reserve Rights.

3. Speculation and market momentum

Rumors of Atkins' prospective nomination have generated significant buzz and media attention, bringing about a rippling effect across the crypto market. This increased visibility seems to bury other related news, such as Atkin’s hesitant response to accept Trump’s offer and two other potential nominees for the position (Brian Brooks and Teressa Goody Guillén).

Instead, the news triggers FOMO, thus attracting more investors and traders to RSR and further fueling the price surge. As it spreads and more people become aware of the potential implications, the initial wave of investment can trigger a self-perpetuating cycle of buying activity, driving the RSR price even higher.

RSR price prediction: A market overview of reserve rights

After knowing what is driving the RSR price surge, the big question is: What’s next for this ERC-20 token? While projecting the future of any crypto asset is an inherently uncertain endeavor, evaluating current patterns and current trends and technical indicators can provide valuable insights into potential price movements.

1. Short-term prediction

In the short term, RSR appears poised for further gains. The breakout from key technical formations, like the "Head and Shoulders bottom" pattern, suggests that the upward momentum could continue.

Some analysts predict that RSR could reach its previous all-time high of $0.1189, while others suggest a more conservative target of around $0.0915, representing a potential 399% increase from current levels.

2. Medium-term prediction

Regarding the medium-term outlook, RSR's price trajectory will likely depend on a handful of factors, including the overall market sentiment, regulatory developments, and the progress of the Reserve Rights project itself.

If the positive news surrounding the SEC nomination translates into concrete regulatory advancements, RSR could experience sustained growth. The expected price range for RSR is $0.019 - $0.029.

3. Long-term prediction

After upward movements in both the short term and medium term, RSR is expected to experience a lengthy correction, similar to what occurred when the token achieved its all-time high in 2021.

Despite the anticipated drop, the long-term outlook for RSR remains relatively positive. Analysts predict that, considering the average daily rate of decrease since its launch, RSR’s price would likely fall between $0.011 and $0.013 by the end of 2030.

How to buy Reserve Rights (RSR) on Bitget Wallet?

RSR price surge has sparked a flurry of interest in how to acquire this promising token. Bitget Wallet offers a user-friendly and secure platform to buy, store, and manage your RSR holdings. Follow this step-by-step guide to get started:

• Download Bitget Wallet:
  Begin by downloading the Bitget Wallet app on your mobile device or the Chrome extension for your PC.

• Create a Wallet:
  Open the app and create a new wallet. Make sure to select a mainnet that supports RSR in the upper right corner.

• Acquire RSR:
  You can easily purchase RSR using fiat currency through Bitget Wallet's OTC service. Choose your preferred payment method and complete the transaction.

Bitget Wallet isn't just a place to store your RSR; it's a comprehensive platform for managing your digital assets. With its user-friendly interface, robust security features, and access to a wide range of DeFi services, Bitget Wallet empowers you to take control of your crypto journey.

 Download Bitget Wallet