The reserve rights token (RSR) is down by 4 per cent in today’s trading session. Today’s price drop follows yesterday’s strong bearish move that saw the crypto close the markets with a price drop of 8 per cent.
The Reserved Rights protocol was developed with one major concern: the hyper-inflation that many people go through in times of economic and political turmoil. At its core, the project aims to provide access to stable currency to every person globally.
Since its launch, the project has grown to become one of the largest cryptocurrency projects, with its token ranked as the 176th largest by market capitalization. Today, it boasts a market capitalization of $87 million. Despite being in a strong bearish trend for almost the whole year, this has seen its market capitalization slashed.
RSR has been in a strong bearish trend for months. Today, the prices are down by 4 per cent, extending yesterday’s price drop of 8 per cent. The current bearish trend is also an extension of what has been happening throughout the entire month, which has seen RSR drop by 12 per cent in June.
In May, RSR prices dropped by 21 per cent, whereas in April, the prices dropped by a staggering 57 per cent. The current bearish trend has been going on for months, and since the year started, most months have closed with a price drop for the RSR token. The year-to-date data shows the prices of RSR have dropped by 80 per cent.
The above price history background provides us with the larger context of today’s trading session as shown in the chart below. Using the price history and basing it on what is currently happening in the markets, my RSR price prediction expects the prices to continue falling.
As a result, there is a high likelihood that we will see prices trading below the $0.00500 price level in the next few trading sessions. My bearish trend will only be invalidated if the prices trade above the $0.0075 price level. At that level, RSR will have given enough signals that it is ready for a price reversal to the upside.
This post was last modified on %s = human-readable time difference 11:24