Rocket Pool (RPL) price increased by 30% today as Binance crypto exchange announced a USD-Margined perpetual contract for the token.
Rocket Pool, a decentralized Ethereum liquid staking pool, gained significant attention from traders and investors on Monday as its native token, RPL, surged nearly 30%.
This rally followed a key listing update from crypto exchange Binance, sparking bullish momentum in the broader market.
Market participants are now speculating on whether the token can maintain its upward trajectory.
Binance Announces Rocket Pool Futures Listing
On September 9, Binance officially announced the RPLUSDT USD-Margined perpetual contract launch, which went live at 12:30 UTC.
The exchange offers users up to 75x leverage for trading the asset.
Rocket Pool, an Ethereum liquid staking protocol, serves as the underlying asset for this contract. The capped funding rate was set at +2.00% / -2.00%, and Binance also stated that the Multi-Assets mode would be supported for this asset.
However, Binance added that it “may adjust the specifications of the aforementioned Futures contract from time to time, which include the funding fee, tick size, maximum leverage, initial margin, and/or maintenance margin requirements.”
This announcement appears to have generated a wave of optimism for Rocket Pool’s native token, causing its price to surge by 30%.
RPL Price Jumps 30%
As of the time of writing, the RPL token has increased by more than 30% in the last 24 hours, currently trading at $12.08. The intraday low and high for the token were $9.18 and $12.53, respectively.
RPL’s 24-hour trading volume also saw a massive increase of 503.75%, reaching $21.51 million.
This price surge is primarily attributed to the Binance futures listing, which has heightened investor interest.
Coinglass data also revealed a significant 413.18% rise in the token’s futures open interest (OI), amounting to $4.57 million, while the derivatives volume skyrocketed 1766.45% to $16.20 million.
Rocket Pool is currently riding a strong uptrend, boosting investor confidence in its future price movements, especially with the added support from a major exchange.
Similar price spikes following a futures listing announcement as observed with other tokens, such as NEIRO.
The current RPL price surge follows a similar pattern seen with past token performances post-listing.
