Cryptocurrency Reserve Rights (RSR) has increased by more than 130% in the last 24 hours, reaching a 2-year high of $0.02518. This unexpected rise is attributed to speculation in the United States that Paul Atkins will be appointed as the new SEC chairman. The fact that Atkins had previously served as an advisor to the Reserve Rights Foundation further strengthened this connection.
Paul Atkins’ SEC Chairmanship and RSR Interest
Former SEC Commissioner Paul Atkins is known for his crypto-friendly stance. Nevin Freeman, one of the founders of the Reserve Rights Foundation, stated that Atkins has a positive approach towards cryptocurrencies. Atkins’ possible SEC presidency created expectations in the industry that regulations would become more lenient. These expectations led to a rapid increase in the price of RSR.
With the price increase, a remarkable increase was observed in transaction volume and open positions. RSR derivatives open interest increased by 394% to $90.34 million. During the same period, the total volume of RSR derivative transactions exceeded $3.32 billion, an increase of more than 7000%. Technical indicators also support the uptrend. While the Relative Strength Index (RSI) crossed the 70 level, the MACD indicator made a positive intersection.
Technical Indicators Support the Rise
According to analysts, RSR may continue to rise by surpassing critical technical resistance levels. Mobility in the market has mobilized investors for more profit opportunities. However, experts emphasize that one should be careful against volatility.
This sharp increase in the value of RSR is thought to have been driven by investor interest in the possibility of Atkins being appointed SEC chairman. Investors hope that Atkins’ policies at the SEC will have a positive impact on the cryptocurrency industry.
Recent market activity has increased the interest of crypto investors in Reserve Rights. It stands out as an important strategy for investors to closely follow RSR’s technical indicators and market dynamics.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
