- RSR price has done well in the past few days.
- Focus shifts to the upcoming Reserve Rights Token mainnet launch.
The RSR price has done well in the past few days as investors focused on the upcoming Reserve Rights mainnet launch. It rose to a high of $0.0088, which was the highest level since August 9. It has jumped by almost 70% from its lowest level this month, giving it a market cap of more than $365 million.
Reserve Rights mainnet launch
Reserve Rights is a small but fast-growing blockchain project that seeks to create a better alternative to Bitcoin. It was launched in 2018 when the developers launched RSV, which is a stablecoin based on Ethereum.
Unlike other stablecoins, RSV is backed by three popular stablecoins on an equal basis: USD Coin, True USD, and USDP. These stablecoins are held by the Reserve Vault smart contract. The coin has three key features like issuance, redemption, and vault rebalancing. RSV has a market cap of over $27 million.
The team has also launched an app in countries like Venezuela, Colombia, and Panama where users can use it to send money. With global currencies retreating against the US dollar, the developers hope that RSV will become a viable alternative currency.
Reserve Rights Token’s developers also launched RSR, which is the native token for the ecosystem. The token exists as a backstop to make RToken holders whole in the event of a collateral token default. It is also the governance token for the ecosystem.
The RSR price has done well in the past few days as investors wait for the upcoming mainnet launch that is expected to happen in October. It will be launched on Ethereum’s mainnet. This launch will make Reserve more available globally.
Historically, cryptocurrency prices rise ahead of a major upgrade. We saw that with Ethereum, whose price surged ahead of the Merge event. You can find out more about the mainnet launch here.
RSR price prediction
The daily chart shows that the Reserve Right Token’s price has been in a strong bullish trend in the past few days. As a result, it has managed to move above the 25-day and 50-day moving averages. It has also moved close to the upper side of the channel shown in blue while the awesome oscillator has turned green.
Therefore, the coin will likely continue rising as bulls target the key resistance level at $0.10. A drop below the support level at $0.7 will invalidate the bullish view.
