The Reserve Rights Token price has done well in the past few weeks. The RSR token is trading at $0.0091, which is about 188% above the lowest level in May. In addition, its total market cap has jumped to more than $166 million. However, the price is still about 92% below its all-time high ahead of the upcoming launch of its mainnet.
Reserve Rights protocol is an upcoming blockchain project that aims to create a fully decentralized, stable cryptocurrencies known as RTokens. Unlike other stablecoins like USD Coin and Tether, Reserve Rights aim to create a stablecoin that is not backed by a single fiat currency. Instead, anyone can create an RToken.
In addition, the developers have created the Reserve Dollar, a crypto alternative to the US dollar backed by multiple USD stablecoins. The RSR price is rising ahead of the mainnet launch. The platform will be launch on Ethereum platform and make it possible for people to mint their stablecoins that can be insured to protect against devaluation.
In a statement, the developers noted that the mainnet launch will also activate token staking and ensure that people can keep making returns from their holdings. Further, the beta will have support several wallets like Trezor, Coinbase Wallet, Trust Wallet and Rainbow Wallet. The tweet below shows what the first Reserve dApp will look like.
The four-hour chart shows that the RSR token price has been in a bullish trend in the past few days. The coin rose to a high of $0.01290, the highest since April 24th. This level was also along the 50% Fibonacci Retracement level. In addition, the coin has jumped above the 25-day and 50-day moving averages.
The token is approaching the important support level at $0.0084, which was the highest point on May 31st. Therefore, there is a likelihood that the Reserve Rights Token price will continue rising as investors target the next key resistance at $0.012. A drop below the support at $0.0080 will invalidate the bullish view.
This post was last modified on %s = human-readable time difference 10:30