What's next for Rocket Pool?
Key Takeaways
- Rocket Pool is a platform designed to make staking Ethereum (ETH) accessible to more people.
- Its native token, RPL, outperformed the market in 2022 but underperformed in 2023 and 2024.
- One Rocket Pool (RPL) price prediction says it can reach $76.21 in 2025.
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 that much traction in the middle of 2023.
However, the platform’s ongoing integration with the SSV system may well bring it to people’s attention.
On Aug. 28, 2024, Rocket Pool exchanged hands for $11.74.
Let’s examine our price predictions for Rocket Pool made on Aug. 28, 2024. We will also investigate the RPL history and discuss what RPL is and does.
Rocket Pool Price Prediction
Here are the RPL price predictions from CCN on Aug. 28, 2024. Price forecasts should be taken cautiously, especially for something as volatile as crypto. Our Rocket Pool crypto price predictions will use the wave count method to predict its future movement.
We will add and remove 20% from the target price to provide a range of possible outcomes, resulting in minimum and maximum RPL price predictions.
| Minimum RPL Price Predictions | Average RPL Price Predictions | Maximum RPL Price Predictions | |
|---|---|---|---|
| 2024 | $14.48 | $18.10 | $21.72 |
| 2025 | $29.60 | $37 | $44.40 |
| 2030 | $181.6 | $227 | $272.8 |
The most likely wave count suggests that RPL completed a five-wave increase starting in June 2022 and then an A-B-C corrective structure in August 2024 (black). Because of the deep retracement, these are likely waves A and B of a longer-term A-B-C correction structure (white).
If so, the RPL price has just begun wave C or will do so after another low. Giving it the same length and duration as wave A leads to a high of $65.20 in June 2025. Then, we can predict a similar correction as the one that occurred after April 2023.
During these projected upward and downward movements, the wave count method gives RPL price predictions of $18.10 and $37 for the end of 2024 and 2025, respectively.
Finally, we use the daily rate of increase for the past five years to come up with an RPL price prediction for the end of 2024. Since August 2019, RPL has increased by 1,100%, for a daily rate of increase of 0.61%.
Projecting this increase until the end of 2030 leads to a high of $227.
Rocket Pool Price Prediction for 2024
Our wave count method gives an RPL price prediction target range between $14.48 and $21.72 for the end of 2024.
Rocket Pool Price Prediction for 2025
Our wave count method gives an RPL price prediction target range between $29.60 and $44.40 for the end of 2025.
Rocket Pool Price Prediction for 2030
Using the daily rate of increase for the past five years leads to an RPL price prediction range of $181.6 and $272.80 for the end of 2030.
RPL Price Analysis
The daily RPL price chart shows a decline under a descending resistance trend line since March. More recently, the trend line caused a rejection and created several long upper wicks in June. During this downward movement, RPL also fell below the $19 horizontal resistance area.
Additionally, the RSI just crossed below 50 and the MACD was rejected by 0.
Finally, the bounce since the beginning of August resembles an A-B-C corrective structure. So, the daily chart suggests the price of RPL will fall toward the next Fibonacci support level at $5.23.
Short-Term RPL Price Prediction
The short-term RPL price prediction relies on a continued decline toward the Fibonacci support at $5.23. If a similar rate of decrease is followed, RPL will reach this target in the second week of September before eventually beginning a trend reversal.
Rocket Pool Average True Range (ATR): RPL Volatility
The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days.
A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility. Since ATR values can be higher for higher-priced assets, normalize ATR by dividing it by the asset price to compare volatility across different price levels.
On Aug. 28, 2024, RPL’s weekly ATR was 5.2, implying average volatility. The ATR has consolidated since the start of the year. Divided by the $12 RPL price, the ATR is 0.4.
Rocket Pool Relative Strength Index (RSI): Is RPL Oversold or Overbought?
The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and 30 show overbought and oversold conditions, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish.
On Aug. 28, 2024, the RPL weekly RSI was at 39, showing a bearish trend. The weekly RSI fell below 50 in March.
RPL Market Cap to TVL Ratio
The Market Cap to Total Value Locked (TVL) ratio measures the valuation of a decentralized finance (DeFi) project by comparing its market capitalization to the total value of assets locked in its smart contracts. This ratio shows the project’s utilization and links the platform’s health to the value of locked assets.
A ratio above 1.0 indicates overvaluation because the market cap exceeds the value of assets used in the platform. A ratio below 1.0 indicates undervaluation because the market cap is lower than the value of locked assets.
On Aug. 28, 2024, the Rocket Pool TVL ratio was 0.08, indicating significant undervaluation.
Best Days and Months to Buy RPL
We looked at the Rocket Pool price history and found the times when the price was at its lowest across certain days, months, quarters, and even weeks in the year, indicating the best times to buy RPL.
| Time to Buy RPL | Best Days, Weeks, Months and Quarters |
|---|---|
| Best Day | Tuesday |
| Best Week | 47 |
| Best Month | April |
| Best Quarter | First |
RPL Price Performance Comparison
Rocket Pool is a liquid staking solution. Let’s compare it to other similar projects.
| Current Price | One Year Ago | Price Change | |
|---|---|---|---|
| Rocket Pool | $12.12 | $23.97 | -47.1% |
| Lido Dao | $1.06 | $1.64 | -33.2% |
| Jito | $2.46 | $3.05 (One Month Ago) | -19.4% |
| Frax Share | $1.98 | $5.89 | -66.5% |
RPL Price History
Now, let’s examine some of the highlights and lowlights of the Rocket Pool (RPL) price history. While we should never take past performance as an indicator of future results, knowing what the token has achieved can provide us with useful context when making or interpreting a Rocket Pool price prediction.
2018-2021: Rocket Pool entered the market in mid-2018 at around $1. It remained under $1 until mid-2020. Early 2021 saw a surge, reaching above $20 in May. RPL hit an all-time high of $154.73 on November 16, 2021, but ended the year at $41.39.
2022: RPL outperformed the market but still declined, dropping below $10 in June after the Terra (LUNA) crash. It recovered to over $30 in September following Ethereum’s switch to Proof-of-Stake but fell again after the FTX collapse, closing the year at $19.86—a 52% decrease year-over-year, yet better than the broader market’s 60% drop.
2023: RPL underperformed the market despite rising to $64.29 in April, driven by anticipation for the Atlas upgrade. It fell to $38.26 in June after the SEC sued Binance and Coinbase and continued struggling, ending the year at $30.10, up 55% annually, but under the market’s overall performance.
2024: The price underperformed in 2024, and as of Aug. 28, RPL is valued at $12.12.
| Period | RPL Price |
|---|---|
| Last Week (Aug. 21, 2024) | $11.69 |
| Last Month (July 28, 2024) | $16.68 |
| Three Months Ago (May 28, 2024) | $21.92 |
| Last Year (Aug. 28, 2023) | $23.97 |
| Five Years Ago (Aug. 28, 2018) | $0.39 |
| Launch Price (July 19, 2018) | $1.01 |
| All-Time High (April 16, 2023) | $61.90 |
| All-Time Low (Aug. 18, 2018) | $0.0088 |
Rocket Pool Market Cap
The market capitalization, or market cap, is the sum of the total number of RPL in circulation multiplied by their price. On Aug. 28, 2024, Rocket Pool’s market cap was $249 million, making it the 222th largest crypto by that metric.
Who owns the most Rocket Pool (RPL)?
As of Aug. 28, 2024, the five wallets with the most RPL tokens were
- 0x3bdc69c4e5e13e52a65f5583c23efb9636b469d6. The wallet holds 11,100,518 RPL, or 61.67% of the supply.
- 0xd33526068d116ce69f19a9ee46f0bd304f21a51f. The wallet holds 2,529,095 RPL, or 14.05% of the supply.
- 0x57757e3d981446d585af0d9ae4d7df6d64647806. The wallet holds 1,033,355 RPL, or 5.74% of the supply.
- 0xfce77eb807bc9d293899d20ecae2e3b473b24a96. The wallet holds 509,541 RPL, or 2,81% of the supply.
- 0x296c4a564bdda1138488f918326a759bb0ea6f64. The wallet holds 355,623 RPL, or 1.98% of the supply.
Rocket Pool Supply and Distribution
| Supply and Distribution | Figures |
|---|---|
| Total Supply | 20,599,081 |
| Circulating supply as of Aug. 28, 2024 | 20,599,081 (100% of the total supply) |
| Holder distribution as of Aug. 28, 2024 | Top 10 holders own 91.94% of the circulating supply |
From the Rocket Pool whitepaper
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.
Rocket Pool (RPL) Explained
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.
How Rocket Pool Works
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.
Is Rocket Pool a Good Investment?
It is hard to say. RPL has been performing reasonably well recently, but it could be doing better. It is no longer in the top 100 cryptos. Also, 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.
Will Rocket Pool go up or down?
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.
Should I invest in Rocket Pool?
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.
FAQs
Will Rocket Pool reach $100?
Our price predictions suggest RPL could rise above $100 by 2030.
What is Rocket Pool used for?
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.
Disclaimer
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.
