RSR price has made a strong comeback as similar cryptocurrencies jump. Reserve Rights Token rose to a high of $0.0080, which was the highest level since August 14. It has risen by more than 50% from the lowest level this week. As a result, it has a market cap of more than $324 million.
Why is Reserve Rights Token rising?
Reserve Rights Token is a leading blockchain project that helps developers to build stablecoins. Stablecoins are cryptocurrencies that are backed by other assets like fiat currencies like the US dollar. One of the top stablecoins in the ecosystem is Reserve (RSV), which has a market cap of over $23 million. Still, RSV is mostly not listed by leading exchanges since most holders prefer using it on the Reserve Rights app.
Reserve Rights Token rose on Friday as investors bought other similar coins. For example, Ripple’s XRP has jumped by more than 40% in the past 24 hours. Ripple has a technology that makes it easy for developers to build stablecoins.
Meanwhile, Stellar Lumens price has jumped by more than 15% in the past 24 hours. Stellar has been used to build several stablecoins like USD Coin.
Another reason why RSR price has risen is the upcoming launch of the full mainnet platform that will happen on October 10 of this year. The launch will happen at Bogota. In a statement, the developers said that the launch will help people create RTokens. RTokens are fully collateralized and redeemable 1:1for their collateral.
RSR price prediction
The daily chart shows that the Reserve Rights Token price has risen in the past two straight days. It has managed to rise above the important support level at $0.0050, which was the lowest level in September. Along the way, it has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved close to the overbought level.
Therefore, there is a likelihood that the RSR token will keep rising as buyers target the next key resistance level at $0.0100. A drop below the support at $0.0070 will invalidate the bullish view.