- Rocket Pool price surges more than 23% as Binance announces a perpetual contract listing.
- Coinglass data shows that RPL’s open interest is increasing, indicating new buying is occurring.
- Crypto investment firm 1kx has deposited 203,320 RPL tokens worth $2.37 million, possibly leading to a shift in market sentiment.
Rocket Pool (RPL)surged more than 23% as Binance announced a perpetual contract listing on Monday. At the time of writing on Tuesday, it trades slightly up at $11.74. This bullish event is further supported by RPL’s rising open interest, which indicates new buying activity in the market.
Rocket Pool perpetual contract now listed on Binance
Rocket Pool, a decentralized liquid staking protocol for earning rewards on Ethereum holdings, was listed on Binance on Monday with the announcement of USD-Margined RPL Perpetual contracts. Due to this listing, prices increased by more than 23% on Monday.
The Binance listing of RPL Perpetual Contracts is a bullish outlook for Rocket Pool’s native token RPL. The Binance exchange's high liquidity and global reach enhance price discovery, reduce spreads, and boost visibility, which can attract both institutional and retail investors.
#Binance Futures will launch USDⓈ-Margined $RPL Perpetual Contract at
— Binance Futures (@BinanceFutures) September 9, 2024
️ September 9 2024, 12:30 (UTC)
Read more ➡️ https://t.co/KtR6M8cZxL pic.twitter.com/f0SyzDZQlG
Furthermore, Coinglass’s data shows that the futures’ Open Interest (OI) in RPL at exchanges is also increasing. The OI indicates the total number of outstanding derivative contracts that have not been settled and whether money flows into the contract are increasing or decreasing.
Increasing OI represents new or additional money entering the market and new buying, which generally tends to support prices. When OI decreases, it is usually a sign that the market is liquidating, more investors are leaving, and the selling pressure increases.
The graph below shows that RPL’s OI increased sharply from $851,160 on Monday to $6.52 million on Tuesday, its highest level since mid-June.
RPL Open Interest chart
Investors should remain cautious despite Rocket Pool's listing and increased buying interest. Institutional investor 1kx used this opportunity to sell 203,320 RPL tokens worth $2.37 million, according to data from Spot On Chain. The crypto investment firm has frequently been offloading RPL through Amber Group and still holds 315,835 RPL tokens valued at $3.62 million.
Investment firm @1kxnetwork just deposited 203,320 $RPL ($2.37M) to #Binance after the price surged 22% following Binance’s perpetual contract launch.
— Spot On Chain (@spotonchain) September 10, 2024
As an early @Rocket_Pool investor, 1kx received 500K $RPL in Dec 2020 at only $2.56. Since Aug 29, 2024, they've deposited… pic.twitter.com/nw2J23YBYk
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Uniswap the best-performing DEX exchange?
Uniswap daily active users are the highest than other DEX exchanges. Token Terminal data show UNI has collected $399 million in fees in the past three months. UNI’s 180-day trading volume is the highest in the DEX sector.
These crypto tokens have the best chance of recovery: XRP, Solana, Ethereum, Bitcoin, Chainlink
Crypto intelligence tracker Santiment tracks the narrative among traders to identify which assets have the best chance of recovery. Typically, the assets that crypto traders have the most negative sentiment towards, have the best chance of recovery.
BTC vulnerable despite surge in stablecoin market capitalization
Bitcoin price closed below the $62,000 support on Wednesday, showing signs of weakness. CryptoQuant report shows how rising stablecoin market capitalization could be a positive sign for Bitcoin and other cryptocurrencies.
Shiba Inu could dip 7% as SHIB whales reduce their holdings
Shiba Inu, the second largest meme coin in the crypto ecosystem, edges slightly higher and trades at $0.00001710 at the time of writing on Thursday after a three-day decline. On-chain and technical indicators signal that further correction is likely in the meme coin.
Bitcoin: Is BTC sell-off over?
Bitcoin price declined over 6% this week until Friday as the escalation of the conflict between Iran and Israel added fuel to this sell-off. The decline was also supported by falling institutional demand for ETFs. BTC bulls seem to be holding strong at a critical support level.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.