Reserve Rights (RSR) crypto’s volume shoots up over 300%. Here's why

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Reserve Rights (RSR) crypto’s volume shoots up over 300%. Here's why

 Reserve Rights (RSR) crypto’s volume shoots up over 300%. Here's why
Image source: © Kviztln | Megapixl.com

Reserve Rights (RSR) crypto primarily functions as a stablecoin, with a flexible pool of tokens such as RSV, USDC, DAI etc. RSR crypto aims to reduce the risks through diversification and decentralized governance. 

RSR crypto primarily serves two primary purposes: insuring Reserve stablecoins (RTokens) through staking and governance and giving its holders voting rights to vote on the future configuration. Built on the Ethereum blockchain, the protocol soon worked on the interoperability aspect and is now available on other blockchains such as Solana and DAI. 

The RSR token on 9 August witnessed a rally of 3.71%, along with a volume gain of over 300% at 7:00 AM (GMT +1), according to CoinMarketCap.   

What is causing RSR crypto's rally? 

The reason for RSR crypto's rally is unclear, but it may be due to the positive momentum it has been displaying over the past month or so. In fact, as the crypto market fluctuated, RSR has been one of the cryptos which managed to gain over 35% in the past fortnight or so. 

Even over the past week, it managed to secure gains of 9.6%, thereby displaying positive momentum in the token. With a primary objective of providing a robust system to ensure investors' money is safe and secure, the RSR crypto holds the token in a reserve vault. 

Image credit: Trading View 

If one were to look at the chart, it would showcase an increased market interest in the token, with the Relative Strength Index (RSI) of the token at 60.96. 

Even the MACD line indicates the momentum is getting more robust, with the MACD line (indicated in blue) climbing well above the signal line (marked in orange). Although there have been blips in between, it has witnessed more greens than reds in the past month or so. 

RSR's price performance

The Reserve Rights crypto on Tuesday was trading at the US $0.007783 with a volume of US $6,31,40,947 over a day, according to CoinMarketCap. The token was down by 37.37% in the last 24 hours, with a live market cap of over US $14,61,14,563 and a total supply of 18,77,30,50,907 RSR coins.

While the rally has been impressive, it is also essential to know that in the crypto market, things can change quickly. Therefore, one needs to be extra cautious and do proper market research to ensure that one doesn't take things for granted in the crypto market. Any decisions taken without appropriate research could result in financial losses. 

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