The post Why is the RSR Token Price Up Today? appeared first on Coinpedia Fintech News The Reserve Rights (RSR) token has taken the spotlight in the crypto world, soaring 138% in just 24 hours. This sudden jump pushed RSR’s price to $0.02518 , its highest since early 2022. The excitement around this surge comes from rumors that Paul Atkins, a former SEC commissioner and early advisor to the Reserve Rights token, might be chosen as the next SEC chairman. RSR’s Price Spike 138% RSR is an ERC-20 token that serves two main purposes for the Reserve protocol has seen its price shoot up from $0.00933 to $0.02518 in just one day. This sharp increase also brought a massive 3,100% jump in trading volume, reaching $1.26 billion. The token’s recent performance has surpassed many other cryptocurrencies surge during the market’s recent rally that began in early November, with a 177% weekly gain and over 300% growth in the past month. Meanwhile, the market cap of RSR climbed to over $1.17 billion, reflecting a 130% increase in just one day. Paul Atkins Links To RSR Surge A big reason behind RSR’s surge could be rumors about Paul Atkins, a former SEC commissioner. Reports suggest that President-elect Donald Trump might choose Atkins to replace Gary Gensler as the next SEC chair. Paul Atkins is remembered for his early support of Reserve Rights during its initial stages. Although he is no longer directly involved with the project, his past association has excited investors. Nevin Freeman, Reserve’s co-founder, highlighted Atkins’ openness to cryptocurrency in early discussions. He believes that if Atkins leads the SEC, it could mean better conditions for cryptocurrencies like RSR, especially with changing regulations. Long-Term Target for RSR Since September 2023, RSR’s weekly chart has shown steady growth, breaking out of a long-term downward trend that began after its 2021 all-time high. This breakout signals the end of the previous correction and the start of a new upward trend. Meanwhile, prominent crypto analyst Gert van Lagen pointed out the formation of a bullish “Head and Shoulders bottom” pattern on RSR’s chart. $RSR [1W] – Breaks out of Head and shoulder bottom targeting ATH. First break through main resistance then price discovery target at $9. Clean Elliottwave count: ① First Impulse (5 waves) ② First Correction (Sharp, 5-3-5 zigzag with ending diagonal) ③ Next momentum impulse pic.twitter.com/vs1BPMrLfZ — Gert van Lagen (@GertvanLagen) December 3, 2024 If the token breaks past the resistance of $0.045, potentially reaches its all-time high of $0.1189. In the long term, the token might aim for milestones like $2 and even a target of $9 . At the same time, the Reserve Protocol is seeing more adoption. Its total value locked (TVL) has risen from $15 million to $283 million in just one month.
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How Will Events in South Korea Affect XRP and Other Cryptocurrencies in the Coming Days? Here’s What Analysts Say
South Korea’s cryptocurrency markets remain volatile following recent political turmoil triggered by President Yoon Suk-yeol’s controversial declaration of martial law that was invalidated after just six hours. Lawmakers and citizens outraged by the move are now pushing for Yoon`s removal, a development that analysts warn could increase market instability. On Tuesday night, Yoon declared martial law to stem growing criticism from his opposition party. The decision was met with a swift backlash, even from within Yoon`s People Power Party. According to MBC News, a coalition of 191 lawmakers today launched impeachment proceedings, with a vote expected later this week. The political chaos had an immediate impact on South Korea’s crypto markets, with leading exchanges Upbit and Bithumb experiencing system outages due to traffic surges, while cryptocurrency prices saw a sharp drop. While prices have since recovered, analysts warn that further developments, including a possible impeachment, could continue the volatility. Related News: BREAKING : Coinbase Announces to List Two New Altcoins “New developments such as impeachment proceedings could cause volatility, but the impact is likely to be limited to the domestic market and short-lived,” said Min Jung, research analyst at Presto Research. However, others warn of broader implications. DeSpread Research President Seunghwa Lee noted that political instability in South Korea could spill over into global markets, especially for cryptocurrencies that are heavily traded by Korean investors. XRP, a favorite of South Korean traders, fell 15% more than average during the martial law declaration, according to CoinGecko data. “Given the significant influence of South Korean investors, political events that dampen investor sentiment could have sufficient impact on global markets,” Lee said. *This is not investment advice. Continue Reading: How Will Events in South Korea Affect XRP and Other Cryptocurrencies in the Coming Days? Here’s What Analysts Say coinpedia