Why Is Reserve rights (RSR) Price Up 130% Today?

Reserve Rights (RSR) has surged over 130% in the last 24 hours, reaching a two-year high of $0.02518. This impressive rally comes amid rising speculation around the potential appointment of Paul Atkins as the next U.S. Securities and Exchange Commission (SEC) chair under President Donald Trump.

Paul Atkins, a former SEC commissioner, is known for his past advisory role with the Reserve Rights Foundation, which backs the RSR token. His possible appointment to the SEC chair is fueling optimism within the cryptocurrency community, and many are viewing it as a key factor behind the recent price surge.

Paul Atkins’ Connection to Reserve Rights Token

Paul Atkins’ experience with Reserve Rights, especially his advisory position when the project was in its infancy, has raised interest among investors. Atkins is not currently engaging in an advisory role with Reserve Rights, but his endorsement in the past, places him high on the list of figures within the cryptocurrency community.

Nevin Freeman, the co-founder of Reserve, pointed out that Paul Atkins was quite receptive to the notion of cryptocurrencies in their meetings. As a result, some people think that his possible management at the US SEC could also be useful for the project, particularly in view of the changing cryptocurrency regulations. If he assumes the position, as noted by Ali Charts, the crypto community is hopeful he would “return the agency to the gold standard.’

At the same time, insiders revealed that Donald Trump has recently met with Paul Atkins to discuss the possibility of the US SEC chair position, which added more fuel to the fire. However, Atkin is said to be reluctant about leaving his present position as the chief executive officer of Patomak Global Partners which is a consulting firm.

It was noted that he was hesitant to accept a position at the US SEC because the process of reorganization of the agency is quite complex. The reason for this is because of the current status of the agency which he claims has been poorly managed by the outgoing US SEC chair Gary Gensler.

Will RSR Price Rally 399%?

Several technical indicators also suggest RSR’s price could continue rising in the short term. Cryptocurrency analysts have noted that RSR recently broke out of key technical formations.

Gert van Lagen (@GertvanLagen) pointed out that RSR has broken out from a “Head and Shoulders bottom” pattern, with a target that could reach the all-time high (ATH) level. He predicts the price will first need to break through main resistance levels before moving into a price discovery phase with a target of $9.

Meanwhile, Javon Marks (@JavonTM1) highlighted a breakout from a smaller Wedge/Bull-Flag setup, suggesting that RSR could be well-positioned for further gains. Marks pointed out that if the larger breakout scenario plays out, RSR’s price target could still be around $0.0915, representing a potential +399% increase from current levels.

Reserve Rights Open Interest Jumps 394%

Along with the price increase, RSR has seen a massive surge in trading volume and open interest. Open interest for RSR derivatives has risen by over 394%, reaching $90.34 million. The total trading volume in RSR derivatives has exploded by more than 7,000%, now totaling $3.32 billion.

Source: Coinglass

This surge in market activity highlights a significant uptick in investor interest, possibly fueled by speculation regarding Paul Atkins’ potential role in the regulatory landscape.

Technical indicators continue to support the bullish sentiment. The Relative Strength Index (RSI) has surpassed the 70 mark, signaling strong buying pressure. Additionally, the Moving Average Convergence Divergence (MACD) shows a positive crossover, suggesting that RSR could maintain its upward momentum in the near term.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.