Is Reserve Rights Token RSR on the Verge of a Price Dump?
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- Reserve Rights token RSR is on a short price drop from $0.0197 to $0.017.
- The token price rose 100% this week after Trump picked Paul Atkins as the US SEC chair.
In line with Bitcoin’s price rally, several altcoins are recording new highs on the crypto market. With new all-time high prices of overall crypto market capitalization and the largest cryptocurrency, Bitcoin, the crypto community is fully awake to grab next tokens with growth potential. On the other hand, political announcements from the US are also influencing crypto to a large extent.
Reserve Protocol’s Reserve Rights (RSR) token recorded 160% monthly and around 100% weekly gains. The token price dropped slightly from $0.197 to almost $0.176 when a whale transferred 680 million RSR tokens to Binance Deposit. As a result, investors are suspecting that it is a planned price dump.
The RSR token price was trading near the $0.009 price range at the beginning of the week. When rumors of Donald Trump nominating Paul Atkins as the US SEC chair started circulating on Dec 3, the RSR token price witnessed a significant price surge to as high as $0.0266.
Since then, the token price is on an uptrend with slight price declines in between. The RSR Market cap is $972.49 million with a 7% rise and the trading volume $366M witnessed a 12% surge in the last 24 hours.
Is the RSR Token Going to be Dumped?
As per the latest data from on-chain tracking platform, Arkham Intelligence, a whale deposited a whopping 680 million RSR tokens to Binance. Right when this transaction took place, the RSR token price went on a downtrend until the price hit $0.017. As a result, investors are suspecting that there might be a price dump of the RSR token.
However, as we witness with any crypto market price, when there is a significant price surge because of market news and big announcements, there is going to be a price correction. That could also be a possibility with the current slight price decline of the RSR token.
Nonetheless, the RSR token is trading at around $0.018 at press time, with 7% daily gains despite the price decline. Its more than 12% rise in trading volume indicates a further price surge of the RSR token. With the ongoing bull run, there is a high possibility of price surges in multiple altcoins, including memecoins and low-cap cryptocurrencies.
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