The post Will Rocketpool (RPL) Keep Surging Or Face Volatility Ahead? appeared on BitcoinEthereumNews.com.

Rocket Pool (RPL) is an ETH-based Proof of Stake pool designed to be compatible with Casper, known as Ethereum’s updated consensus protocol. The native token of Rocket Pool is RPL, which plays a fuel-like crucial role in the platform’s distributed staking network. On June 14th, the RPL price surged nearly around 100%, which started from a price of $18.41 and flew towards $36.23. However, the spike was unstable due to profit bookers grabbing the opportunity and began booking.  This was depicted by the candle of June 14th, where the candle formed a large wick, where its gains only remained at 25%, as the candle gave a closing at $24.13. Spot and Derivatives Volumes are Massively High! Furthermore, RPL crypto optimized by 25.72% in market value and an extremely strong increase of 3927% in trading volume in the last 24 hours, as per the CoinMarketCap. Its market value is $503.692 Million, and its trading volume amounted to $180.758 Million.  There are 20.445 Million in circulation, with plenty of liquidity in the market, as the volume to market cap percentage is 35.48%. Derivative data analysis shows that derivative volume showed a tremendous rise of 16810%, which amounted to $116.03 Million, and open interest was $7.55 Million. As per CoinGlass, it rose by 488.48% in the previous session.  The long versus short ratio for 24 hours is 1.0396. The short liquidation is $87.12K versus $25.36K for the long liquidation. What Drove a Tremendous Surge in Rocketpool (RPL)? Traders and investors might be curious about what drove this tremendous rise in the price and volume of RPL. According to Wise Advice’s optimistic post on X, there is a proposal for reworking its tokenomics in its ecosystem. They are introducing key features like staking ETH on behalf of nodes and adding RPL withdrawal addresses. Meanwhile,…

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Filed under: News - @ June 15, 2024 12:18 pm