Rocket Pool (RPL) price jumped more than 30% to break above $12.50 on Monday.
The surge follows an announcement of support for RPL perpetual contracts on Binance Futures.
Rocket Pool (RPL) price rocketed as the crypto market reacted to the latest market news around the decentralised Ethereum (ETH) liquid staking protocol.
The staking feature allows ETH holders to tap into their holdings for a chance to earn yield. The staked Rocket Pool ETH token rETH allows users to stake and earn rewards with as little as 0.1 ETH.
Rocket Pool surges amid Binance listing
RPL rose sharply to highs of $12.58 across major digital asset exchanges after the world’s largest crypto exchange announced the listing of Rocket Pool perpetual futures contracts.
According to Binance, the launch USD-Margined RPL perpetual contract expands the trading options users have. Binance Futures is set to offer RPLUSDT contract starting from 12:30 UTC on September 9, 2024. Traders will have access to up to 75x leverage for the Rocket Pool futures, the exchange noted.
Earlier in the day, RPL price had struggled to below $10, with the last time the cryptocurrency traded above this level being a brief surge to $10.07 on Sept. 6. Gains in the past 24 hours have RPL price retesting a critical downtrend line.
As the chart above shows, a descending channel has been in place since the last week of August.
Rocket Pool’s price traded within the range since dropping from near $16 on Aug. 23. This negative outlook followed RPL’s decline from highs of $32 in mid-June.
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