What is RSR crypto and why is its price skyrocketing today?

Be the First to Comment Read

What is RSR crypto and why is its price skyrocketing today?

RSR crypto
Image source: © Kviztln | Megapixl.com

Highlights

  • The RSR crypto is the governance token of Reserve, a crypto-powered payment application.
  • According to CoinMarketCap, the RSR crypto is an ERC-20 token launched in 2019 via an initial exchange offering (IEO).
  • The RSR crypto has been gaining momentum over the past few weeks.

The price of Reserve Rights (RSR) crypto skyrocketed on Monday morning as the global cryptocurrency market showed some signs of recovery.

As of writing, the global crypto market cap had surged by five per cent to reach US$ 1.26 trillion. Meanwhile, the prices of Bitcoin and Ethereum were up by 5.2% and 6.5%.

The rise in the price of RSR crypto, which ranks 258 globally, has caught investors' attention due to the surge in its price and volume. At 2:30 AM EST, the RSR crypto was up by 51 per cent and trading at US$ 0.007625 per token.

Meanwhile, the volume of the Reserve Rights token was up 488% to US$ 130.5 million. Let's find out more about RSR crypto:

What is RSR crypto?

The RSR crypto is the governance token of a crypto-powered payment application called Reserve. The payment app is reportedly popular across Latin America and allows users to convert their local currencies into US dollars.

Also Read: What is LockPay and is it a pump and dump scheme?

Reserve enables its users to convert their currency, which may have been affected negatively due to rising inflation, into the US dollars through RSV (Reserve stablecoin).

According to CoinMarketCap, the RSR crypto is an ERC-20 token, and it was launched in 2019 via an initial exchange offering (IEO). The main purpose of the RSR crypto is to act as a governance token for Reserve protocol.

The RSR crypto also acts as a backstop for RSV holders if the collateral token defaults. To take this kind of insurance, the holders need to stake on any RSV or divide the RSR crypto by staking on multiple RSVs.

Generally, stablecoins are pegged to the US dollars held in Reserve controlled by a stablecoin issuer or a custodian. However, Reserve Rights claims that its stablecoin is backed by a basket of several digital currencies managed through smart contracts.

RSR crypto

Bottom line

The RSR crypto has been gaining momentum over the past few weeks, and on May 12, the protocol tweeted that its RSV token is accepted by more than 18,000 merchants in Latin America.

Reserve Rights token is listed for trading on cryptocurrency exchanges like Huobi Global, Binance and OKEx. The RSR crypto has a fixed supply of 100 billion tokens, and at the time of writing, there were 14.8 billion RSR tokens in circulation.

Also Read: What is AgeOfGods (AOG) crypto and why its volume soared 1200%?

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

Speak your Mind

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK