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Rocket Pool jumps 23% after Binance announces launch of perpetual contracts

Source Fxstreet

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

️ September 9 2024, 12:30 (UTC)

Read more ➡️ https://t.co/KtR6M8cZxL pic.twitter.com/f0SyzDZQlG
— Binance Futures (@BinanceFutures) September 9, 2024

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.

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
— Spot On Chain (@spotonchain) September 10, 2024

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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