The Reserve Rights (RSR) token experienced a significant surge of 88%, reaching a multi-year high of $0.017 on Dec. 3.
The Reserve Rights (RSR) token experienced a significant surge of 88%, reaching a multi-year high of $0.017 on Dec. 3. This increase is largely attributed to speculation that Paul Atkins, a former SEC commissioner, might be named the next chair of the U.S. Securities and Exchange Commission (SEC). Reports suggest that Donald Trump will likely make this announcement soon, with Atkins considered the leading candidate.
Atkins previously served as an advisor to the Reserve Rights Foundation, the organization behind the RSR token. According to Reserve co-creator and CEO Nevin Freeman, Atkins provided guidance in the early days of the project. Freeman praised Atkins for his balanced perspective on cryptocurrencies and expressed hope that Atkins would bring a fair approach to rulemaking if appointed. Atkins has reportedly been open to working with cryptocurrency-related projects since 2017.
The potential appointment has generated excitement in the crypto industry, with lawyer John Deaton describing Atkins as a “solid choice” for SEC leadership. The market is optimistic that his leadership could lead to a more favorable regulatory environment for digital assets. On Dec. 2, Fox News reporter Eleanor Terrett suggested that Trump might announce the new SEC chair within days. Current SEC Chair Gary Gensler, who announced his resignation in November, is expected to be replaced soon.
The RSR token’s recent performance has also been bolstered by technical factors. It broke a long-term resistance trend line, with analysts predicting a potential rise of up to 160% to the next resistance level of $0.044. The Reserve protocol’s total value locked (TVL) has reached a record $333 million, reflecting strong market confidence. Despite this progress, RSR remains 551% below its all-time high of $0.11, recorded in April 2021.
The token’s upward trend began in September 2023, and a recent breakout from the $0.0092 resistance area has fueled further gains. Analysts note bullish signals in indicators such as the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD), suggesting more room for growth. Wave count analysis indicates RSR is currently in the third wave of a five-wave pattern, with potential targets around $0.0367 or higher.
The speculation surrounding Atkins’ nomination has injected optimism into the cryptocurrency market. While no official confirmation has been made, the possibility of Atkins leading the SEC has already had a notable impact, particularly for the RSR token and its investors.
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