Reserve Rights (RSR) crypto zooms by over 35%. Here’s why

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 Reserve Rights (RSR) crypto zooms by over 35%. Here’s why
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Highlights

  • Reserve Rights (RSR) crypto is primarily a decentralised stablecoin protocol that aims to scale supply with demand.
  • Unlike other stablecoins, the RSR crypto is backed by cryptocurrencies managed by smart contracts.
  • The 176-ranked RSR crypto, at the time of drafting, was trading at US$0.009365 with a trading volume of US$22,07,92,264 over a day.

Reserve Rights (RSR) crypto is primarily a decentralised stablecoin protocol that aims to scale supply with demand. It aims to build and maintain 100% or more on-chain collateral backing with its design dabbling with profitability and stability at the same time.

Founded by Nevin Freeman and Matt Elder, the RSR crypto unlike other stablecoins, is backed by cryptocurrencies that are managed by smart contracts. The dual-token stability platform comprises asset-backed Reserve Stablecoin (RSV) and RSR tokens, where both manage to keep the value of the token stable through an arbitrage mechanism.

On 8 July, the RSR crypto was trending as it was up by over 37% with a volume rise of over 766%, as per data from CoinMarketCap.

Related read: Why did UNFI Protocol DAO (UNFI) crypto zoomed by 26%?

Why is RSR crypto rallying?

RSR crypto is rallying on the back of the announcement of the Reserve Rights of its mainnet launch. Following the mainnet launch, RSR will be able to activate the token for staking.

RSR’s staking facility would offer pledging facility thereby users can utilise them as collateral.

Therefore, all staked RSR tokens can be seized to make sure that RToken can maintain the peg.

The main goal of the RSR crypto is to provide a robust ecosystem and make investors’ money secure. The RSR token is held in the reserve vault, which is driven by smart contracts. The token holders will get a chance to vote on the governance of the token.

Related read: Why is Kusama (KSM) crypto trailing today?

As it is decentralised, it is backed by a diverse set of assets, thereby making cross-border transactions possible.

How is RSR's price faring?

The 176-ranked RSR crypto, at the time of drafting, was trading at US$0.009365 with a trading volume of US$22,07,92,264 over a day. The token was down by 37.37% in the last 24 hours, with a live market cap of over US $13,86,13,213 and a total supply of 14,80,11,48,904 RSR coins.

The RSR token has also benefitted from its steady performance in the past 30 days. It has been up by 13.1% in the 30 days, and its performance on the market has improved by 40% in the past 14 days. Even volume-wise, the RSR token was witnessing a healthy rally as it was up by 758.38% around 9:30 am (GMT +1), indicating that the mainnet launch was a major drawing point for the investors.

As the crypto markets are volatile, how long the RSR token’s rise and shine period would continue remains to be seen. Investors need to be on their toes as crypto markets are highly unpredictable and their prices can change at any time. Therefore, the investors need to make sure that they do their due diligence before making any investment decisions.  

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