This Ethereum Staking Token Shot up 20% In Just 12H

• Rocket Pool holds 2.44% of the contributors of Ethereum Staking. 
• At press time, Ethereum’s price oscillated between $2,115 and $2,130.
• A subunit of Coinbase is a part of Rocket Pool’s Oracle DAO.

Post the Ethereum Shanghai Upgrade, the second-largest cryptocurrency crossed the $2,100 level. Amid this ETH hustle, RPL, the native DeFi token of the Ethereum staking protocol Rocket Pool, spiked 20% in just 12 hours.

According to data from TradingView, the RPL/USDT spot hit $53.95 on the largest crypto exchange Binance at 03:59 UTC. 

Notably, Rocket Pool holds a prominent record related to Ethereum staking. As per the on-chain data from Nansen, 2.44% of the ETH depositors who staked their Ether on the Beacon Chain are wired through this staking protocol. Lido Finance dominated the share with 31.2% of depositors. While the metrics also highlighted the dominance of Kraken (7.01%), Binance (5.66%), and Coinbase (12.7%).

From the above chart, it can be seen that the price action of RPL hovered above the 50-day moving average (50MA). Thus, it points to the token’s current bullish state. Also, at the time of analysis, the chart recorded the relative strength index (RSI) of RPL at 66.50. This indicates a neutral state but a possible upside move will result in the crypto’s overbought condition. Eventually, it might denote a zone of selling pressure and possible trend reversal.

RPL is deployed in the Rocket Pool’s staking ecosystem for three primary functions — governance, reward system and users’ insurance. During the crypto market’s bullish recovery, the token satisfactorily hit its 16-month-high of $56.1 in February 2023, as per CoinMarketCap. However, the token is down by 65% from its all-time high (ATH) of 154.73 which was on November 2021.

Ethereum Staking and the Bullish Altcoins

The crypto market currently stages the bullish rallies of various altcoins, parallel to Ethereum and Bitcoin. The key reason behind this green alt phase is the Ethereum Shanghai upgrade. 

Significantly, the native cryptocurrencies of protocols that are related to the Ethereum network exhibited the maximum 24H price gains in double-digits. 

First, the newcomer of the sector, ARB, the governance token of Ethereum L2 rollup Arbitrum topped the gainers’ list with a surge of over 29%. At press time, it traded at $1.55. Rocket Pool reserved the second position on the list. While the third gainer was Optimism (OP), which is another ETH L2 rollup network token. OP was priced at $2.64 with a 24-hour gain of 15.3%. 

Four, the token of WOO Network (WOO), an Ethereum DEX, gained over 14.45% in the last 24 hours to trade at 0.2811. Significantly, two other cryptos of the leading Ethereum staking protocols Lido DAO (LDO) and Frax Share (FXS) also displayed price spikes of over 15% and 12.5% respectively in 24h.

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