Reserve Rights (RSR) token jumped 136% in 24 hours, reaching $0.02518, after Paul Atkins was nominated as the next SEC Chair. Its market value grew to $1.17 billion, and trading volume increased significantly. Although the price dipped slightly due to large transactions, RSR is still trending upwards, with strong market activity.
The Reserve Rights (RSR) token has experienced a remarkable surge of 136% in the past 24 hours, reaching a price of $0.02518, the highest since early 2022. The spike in RSR’s price follows a major news event involving the U.S. Securities and Exchange Commission (SEC).
Impact of SEC Chair momination on RSR
There are speculations that the nomination of former SEC Commissioner Paul Atkins as the next SEC Chair by president-elect Trump is increasing RSR’s value.
RSR, an ERC-20 token, is an over-collateralization asset for eserve stablecoins and plays a governance role. On December 3, the token saw a sharp price increase, coinciding with a trading volume rise of over 3,100% in just 24 hours.
The Reserve Rights (RSR) token started the week trading at approximately $0.009 and reached as high as $0.0266. Since then, the price has been on an upward trend. As of the latest data, the RSR token is trading around $0.018, reflecting a 7% daily increase.
The market capitalization of RSR stands at $972.49 million, with a trading volume of $366 million, marking a 12% surge in the last 24 hours. These figures indicate a healthy market interest in the token, even with some price fluctuations.
Whale transaction causes price correction
However, there are price dumps. According to Arkham Intelligence, a whale transferred 680 million, $12.84M RSR tokens to Binance, which coincided with a price drop to $0.017, as it assumed to be a planned sale. Despite this, the current rise in trading volume, with the ongoing bull run in the broader crypto market, suggests that RSR could continue to experience upward momentum.
The surge in trading volume reached $1.26 billion, while its market cap climbed to $1.17 billion, reflecting a 130% increase. The token had been trading at lows of $0.00933 earlier in the day, making this dramatic price movement even more notable.
This growth is part of a broader bullish trend in the crypto market since early November, with RSR’s price jumping 177% in the past week.
However, the price surge was followed by some price corrections. A whale transaction involving the transfer of 680 million RSR tokens to Binance caused a slight price drop, which led some investors to speculate about a planned price dump.
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