Rocket Pool (RPL) Takes Off: Increased Functionality and Houston Upgrades Become the Driving Force?

Bittime - Rocket Pool (RPL) is experiencing a significant price increase. The token, which was founded by David Rugendyke in 2021, jumped almost 100% in one day, from IDR 300,000 (US$18.41) to IDR 580,000 (US$36.23) on June 14. This increase also makes RPL the token with the best performance on Binance.

What is driving this fantastic increase in RPL prices? Let's look at the review.

Tokenomics Changes and Houston Upgrade Drive RPL Value

Wise Advice analysts recently released an optimistic report regarding proposals for fundamental changes to the token structure (tokenomics) in the Rocket Pool ecosystem. This change will introduce important features such as ETH staking capabilities for other nodes and the addition of RPL withdrawal addresses.

Check Today's Crypto Market:

These improvements are expected to simplify operations and improve user experience on the Rocket Pool platform. Apart from that, the Wise Advice report also highlights the crucial shift in the role of RPL tokens. 

Also read: What is Rocket Pool ETH (RETH)? Paving the Way to Decentralized ETH Staking

In the future, RPL will no longer function as a collateral token. In contrast, RPL will directly capture value in the ecosystem, reflecting its increasing utility and important role in the network.

This significant change is marked by the Houston upgrade which is scheduled for June 17. This upgrade is expected to bring major improvements and further strengthen Rocket Pool's position in the world of decentralized finance (DeFi). 

The crypto community is also looking forward to this change with enthusiasm, because it promises to increase the functionality and attractiveness of the Rocket Pool platform.

RPL Derivatives Activities and Technical Analysis

The surge in RPL prices was accompanied by an increase in derivatives activity, marked by an increase in volume and liquidation of Rocket Pool's derivative crypto assets. 

The data shows the dominance of crypto buyers, with long liquidations worth IDR 302 million (US$18.64K) and short liquidations worth IDR 544 million (US$33.65K) in the last 24 hours. Derivatives trading volume also rose 36.5% to IDR 1.1 billion (US$70.24B).

Also Read How to Buy Crypto:

Meanwhile, technical analysis shows RPL price volatility. The initial significant spike is followed by profit-taking which causes the price to fall. This can be seen from the daily trading candle which formed a long wick, and closed with a 25% increase at the level of IDR 390,000 (US$24.13).

Also read: DOGE will reach 0.2? Analysts actually expect Dogecoin to be bearish

On June 16, RPL experienced an increase of almost 16% in the last 24 hours, trading at IDR 450,027 (US$27.30). This upward movement indicates continued interest and potential demand for the asset.

Future RPL Price Predictions

If demand for RPL remains strong, prices may rise again from current levels. This token has the potential to reach IDR 518,000 (US$32.00). 

However, on the contrary, further price declines could occur if RPL fails to maintain support above the critical levels of IDR 342,000 (US$21.00) and IDR 292,000 (US$18.00). The market response in the coming days will determine the direction of RPL's movement in the near future.

Check Crypto Prices Today:

Conclusion

RPL prices recently surged 100%, reaching IDR 580,000 (US$36.23) before profit-taking reduced the increase to 25%. As of June 15, RPL was trading at IDR 450,027 (US$27.30). 

Upcoming changes include a tokenomics overhaul, removal of the use of RPL as collateral, and Houston's upgrade on June 17. The price outlook depends on RPL's ability to maintain support above IDR 342,000 (US$21.00) and IDR 292,000 (US$18.00). 

Support levels for RPL are IDR 272,000 (US$16.80) and IDR 292,000 (US$18.00), followed by resistance levels at IDR 518,000 (US$32.00) and IDR 676,000 (US$42.00).

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn Complete Guide How to Buy Crypto on Bittime. 

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Today's Catizen (CATI) Price, Check Out!

Airdrop Hamster Kombat Easy way to get free tokens. Don't miss it

Binance Delisting OMG, WAVES, WNXM, and XEM Starting Tomorrow, Here's the Reason!

Hamster Kombat Ready for Listing on Various Exchanges!

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.