Rocket Pool may have avoided being called an unregistered security by the United States Securities and Exchange Commission (SEC), but it still found it hard to gain any traction over the last few months
The RPL token, which is designed to make staking Ethereum (ETH) more accessible, had something of a rally in the morning of September 4.
Crypto market price charts are full of unexpected surges which turn out to have no long-term impact. Will what has happened to RPL be one of those, or could it be the start of a revival?
But what is Rocket Pool (RPL)? How does Rocket Pool work? Let’s see what we can find out, and also take a look at some of the Rocket Pool price predictions that were being made as of September 4 2023.
Let’s examine some of the Rocket Pool price predictions being made on September 4 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
First, CoinCodex had a short-term Rocket Pool price prediction that said the token would fall to $23.40 by September 9. RPL would then recover to $25.44 by October 3. The site’s technical analysis was neutral, with 18 indicators making bullish signals and 15 sending bearish ones.
CaptainAltCoin said Rocket Pool would fall over the coming months, trading at $16.16 in December. PricePrediction.net had the token reach $32.35 this year. DigitalCoinPrice said RPL would stand at $47.98 in 2023.
DigitalCoinPrice’s Rocket Pool price forecast saw it reach $83.56 in 2025. PricePrediction.net said it would be worth $68.96 that year. CaptainAltCoin said RPL would trade at $40.52 in 2025.
Looking at a more long-term Rocket Pool price prediction, PricePrediction.net said the token would reach $437.99 in 2030. CaptainAltCoin said it would get to $111.44 that year. DigitalCoinPrice said it would reach $250.77 at the start of the next decade.
Let’s now take a look at the Rocket Pool price history . While we should never take past performance an indicator of future results, knowing what the token has done can help give us some very useful context when it comes to either making or interpreting a Rocket Pool price prediction.
Rocket Pool first came onto the open market in the middle of 2018. It was worth about $1, but largely remained below the dollar until the summer of 2020. In early 2021, it experienced a surge as the market blossomed, reaching above $20 in May.
Although the market dipped, it came back strongly later in the year. RPL spiked on 16 November to an all-time high of $154.73, but then resumed normal service to close the year at $41.39.
RPL outperformed the market in 2022, but it still fell. A string of market crashes damaged the price of RPL. In June, following the collapse of the Terra (LUNA) blockchain, its price dropped below $10 for the first time in nearly a year.
When Ethereum’s switch to a Proof-of-Stake (PoS) consensus mechanism took place in September, it was able to recover to over $30, The collapse of the FTX (FTT) exchange saw its price take another hit. It finished the year at $19.86.
That figure was 52% less than it was a year earlier but that was not as bad as it could have been. Put into the context of a crypto market that lost more than 60% throughout 2022, it was one of the year’s better performers.
In 2023, RPL has performed relatively well. It rose up over the course of the first few months, with anticipation about the Atlas upgrade , which was designed to make it more secure and more efficient, seeing it reach a high of $64.29 on 16 April.
Although there was upward movement following July’s court ruling that Ripple’s XRP crypto was not a security if it was being sold on exchanges, it fell in August. The news that Elon Musk’s SpaceX had sold millions of dollars worth of Bitcoin (BTC) shocked the market. By September 3, RPL was worth $21.25. The following day, though, saw a recovery. On September 4, Rocket Pool was worth about $24.75.
At that time, there were 19,694,370 RPL in circulation, representing the total supply. This gave the token a market cap of about $487.5 million, making it the 65th-largest crypto by that metric.
It is hard to say. RPL has been on a downtrend for the last few months, and we don’t know if recent bullish behaviour is sustainable. While the idea behind Rocket Pool is useful, we have to see whether the platform can bring new customers in.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in RPL.
No one can really tell right now. While the Rocket Pool crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in Rocket Pool, you will have to do your own research, not only on RPL, but on other, similar, coins and tokens such as Lido DAO (LDO). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
In its technical documentation, or whitepaper , Rocket Pool is keen to point out its pioneering aspect.
It says: “Rocket Pool is a first of its kind ETH Proof of Stake Protocol, designed to be community owned, decentralised, trustless and compatible with staking in Ethereum. It was first conceived in late 2016 and has been live since October 2021.”
Rocket Pool is designed to cater to two main user groups; those that wish to participate in tokenised staking using rETH using as little as 0.01 ETH and those that wish to stake ETH and run a node in the network to help generate a higher ROI than staking outside of the protocol due to commissions earned.
Ethereum’s Ether (ETH) coin is the king of altcoins. Second only to Bitcoin in market cap, Vitalik Buterin’s platform has established itself as the go-to place for people who want to create their own decentralized applications (DApps).
However, Ethereum is not without its problems. For instance, it can be hard to to stake it, or set it aside, in return for rewards. People need a minimum of 32 ETH, worth more than $50,000, to stake on the blockchain. This can be somewhat discouraging for people who hold smaller amounts of the coin but still want to get involved in the running of the network.
Crypto entrepreneur David Rugendyke founded Rocket Pool in 2017 in a bid to solve that problem. Rocket Pool aims to let people stake ETH without having to hold large amounts of Ether.
The Rocket Pool system is supported by its native token, which goes by the ticker handle RPL.
People who want to use Rocket Pool take their ETH and put it into a staking pool. In return, they get Rocket Pool ETH, or rETH, in return. The ETH is put together and staked on Ethereum, earning Rocket Pool’s customers ETH rewards. The price of rETH is linked to the price of Ether, but it is not the same.
RPL pays rewards to people who run the computers, or nodes, that help run the system.
Holders can stake the token within the platform itself. That said, you do not have to hold RPL to stake ETH through Rocket Pool or run one of its nodes.
People can also buy, sell, and trade Rocket Pool on exchanges.
Because Rocket Pool is based on Ethereum, it is a token, rather than a coin. You might see references to such things as a Rocket Pool price prediction, but these are wrong.
The RPL token rewards people who operate the computers that help the Rocket Fuel protocol. People can also buy, sell, and trade it on exchanges.
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Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.