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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Rocket Pool (RPL) On 4-Day Bullish Streak After Shapella, Can It Make A Fifth?

Mudiaga Iritare
Mudiaga Iritare
1 year ago
3 mins read
Rocket Pool

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Rocket Pool native token RPL has recorded increased bullish activity and momentum in what seems to be an interesting turn of events stemming from the just concluded Shapella update and launch.

While the Ethereum Shapella launch was much about allowing validators to withdraw staked ETH rewards, crypto enthusiasts and the blockchain community felt some uneasiness and worry about the impact these developments would have on Ethereum price and its staking pool platforms.

For one, the RPL token cleared the doubts of many as it followed suit with Ethereum’s previous week’s rally, recording a whooping 4-day bullish streak on the daily price chart. But this leaves us with a question – will it continue and ride on to a fifth-day streak?

Rocket Pool Token Hovers Around Previous Day Close, Will It Step Up?

The Ethereum staking pool platform, Rocket Pool has seen a drop in the price of its native token which hovers around the previous day’s close after tentatively reaching a daily high of $64.29.

According to Coinmarketcap data, the RPL token is trading at $58.31 which is a 5.25% increase from its daily lows sitting at $55.22 earlier today.

Related Reading: Changes in the Crypto Market Following the Shapella Upgrade

As many crypto analysts and traders speculate on RPL closing prices for today’s trade session, it is important to note that Bitcoin had a role to play in determining the direction and price continuation of the staking pool platform token.

From time immemorial, Bitcoin price action and movements have always had an effect on Altcoin prices with its previous week’s euphoric rally changing the dimensions of market sentiments and outlook in the crypto markets

Earlier today, Bitcoin failed to scale through its $30,400 resistance area, and as such, has fallen sharply to the $29,600 price level, thereby tanking the prices of some Altcoins, including Rocket Pool.

However, RPL has maintained some sort of resilience and price balance despite BTC retracement and could be a good sign of bullish strength and continuation if Bitcoin somehow recovers and reclaim the $30,000 region.

Rocket Pool

Rocket Pool token trading activity on the daily timeframe |Source: RPLUSD on TradingView

RPL Liquid Staking Pool Ranks High On Defillama

Despite Ethereum withdrawals surpassing $2 billion as a result of the recent Shapella launch, ETH staking on staking pools has seen tremendous activity and awareness.

Related Reading: Bears Drag Ethereum Below $2,100 Support As ETH Withdrawals Cross $2 Billion

To get a clearer picture of this, Rocket Pool is now ranked by Defillama as the third ETH staking pool by total value locked (TVL).

The total value of locked ETH as seen on Defillama stands at a $16.886 billion valuation (8,085,475 ETH) with Lido Finance leading the rank. RPL has a market share of 5.77% with 466,832 staked ETH on its staking pool platform. RPL’s total valuation of staked ETH is now at $971.48 million, which is a 1.04% increase over the last 7 days.

Featured Image from Istock, charts from TradingView
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Mudiaga Iritare
Mudiaga Iritare

Mudiaga Iritare

Mudiaga is a news writer and crypto analyst at NewsBTC bringing forward factual/engaging news and happenings around the world of blockchain and cryptocurrencies.

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Mudiaga holds a bachelor degree in Environmental Sciences and has been involved in a number of environmental protection quests. He is passionate about writing and has produced hundreds of articles as a freelancer for blockchain/crypto projects prior to joining NewsBTC as a news writer.

Mudiaga loves and plays decent chess at leisure and sees himself beating grandmasters when an opportunity presents. His other interests include technical and fundamental analysis study, football and swimming.

You can find Mudiaga on Twitter with the username @Mudy6x

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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