Often times, I am always excited to know that a friend is on reserved list for a certain scholarship however, not all candidates know why they are placed on reserved list.
When you are placed on reserved list, you are given a choice either to continue to wait as a reserved candidate or withdraw your application.
Not pulling back your application shows the school and scholarship body that you are very interested in them and you are patient to wait. (This might be your final test).
Another factor why you are on reserved list is because the school or scholarship body likes your profile and decided to keep you around just incase a candidate turns down an offer, you will be the next on board to get in.
Lastly, the YIELD factor could be at play. The yield is the ratio of students who enrolled to the students accepted.
The higher the yield, the better for the university. Selecting students off the reserved list helps to increase the school yield.
Whatever the reason could be for your case, do not get agitated, relax and keep believing. Stay true to your vision and Keep PRAYING.!