Thursday, 20 June 2024

Crypto News

RPL whales signaled local top

RPL whales signaled local top

The price of Rocket Pool (RPL) faces fresh downside pressure near $45, with bulls’ attempting to turn the level into a new primary support zone. As of 12.50 pm ET on Friday, the RPL token was trading around $46.60 – about 2.4% down in the past 24 hours.

RPL is one of the altcoins that rallied hard as Ethereum activated the Shapella upgrade.

RPL price- data shows whales sold right at the local top

As CoinJournal highlighted on 14 April, Rocket Pool, Arbitrum and Loopring were among the altcoins to swell as Ethereum (ETH) broke out to $2,100 after the Shapella upgrade. The profit pivot to altcoins saw Rocket Pool’s RPL soar past its previous peak, amid increased buying pressure as the Atlas upgrade inched closer.

According to on-chain data from crypto market intelligence platform Santiment, the Rocket Pool price dumped as whales took profits right at the local top.

On 16 April 2023, RPL price rose to its all-time high of $61.87 before the momentum faded. Santiment says the cryptocurrency continues to see large whale volumes to add to the 70 that involved more than $100,000 worth of RPL.

The 70 transactions signaled the top for Rocket Pool price and is the second largest whale dump for RPL after the 111 large transactions involving more than $100k on 8 November 2021. At the time, RPL price had hit its then ATH of $59.47, Santiment noted.

Rocket Pool price prediction

Although Rocket Pool’s native token is up 14% over the past month, declines over the last two days have seen RPL/USD shed more than 25% from its recently hit all-time high.

In terms of short term Rocket Pool price prediction, further weakness in the Rocket Pool market could see the token’s price hurtle towards $38 or lower.

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