The price of Rocketpool (RPL) surged more than 30% on Monday to surpass $12.50, following the announcement of support for the RPL perpetual contract on Binance Futures.
Rocketpool (RPL) prices have surged as the crypto market reacts to the latest market news about a decentralized Ethereum (ETH) liquidity staking protocol.
The staking feature gives ETH holders the opportunity to leverage their holdings and earn a yield. The staked Rocket Pool ETH token, rETH, allows users to stake and earn rewards with as little as 0.1 ETH.
Rocketpool surges after listing on Binance
RPL surged to a high of $12.58 across major digital asset exchanges after the world's largest cryptocurrency exchange announced the listing of Rocket Pool's perpetual futures contract.
According to Binance, the launch of the USD Margined RPL perpetual contract will expand trading options for users. Binance Futures will start offering the RPL USDT contract from 12:30 UTC on September 9, 2024. Traders will be able to use up to 75x leverage on Rocket Pool futures, the exchange noted.
On the same day, RPL price had dipped below $10, but the last time it traded above this level was on September 6 when it spiked to $10.07. The rally over the past 24 hours has seen RPL price retest a key descending trend line.
As the chart above shows, a descending channel has been forming since the last week of August.
Rocketpool shares have been trading in a range since declining from near $16 on Aug. 23. The negative outlook comes after RPL has fallen from a high of $32 in mid-June.
