Most leading digital assets have posted minor losses over the past 24 hours, while the total capitalization of the crypto market has slightly retreated during the same period.
The popular privacy token Monero (XMR) defied the ongoing conditions, registering a double-digit increase and nearing the prestigious top 10 club. Here’s what fueled the rally.
Leading the Gainers
XMR is the best-performing cryptocurrency from the top 100 list today (August 31), with its price briefly surging to almost $530, the highest since January this year. Currently, it trades at around $525 (per CoinGecko), representing a 43% jump on a monthly scale.
The asset’s market cap jumped to nearly $10 billion, overtaking well-known altcoins like Chainlink (LINK) and Cardano (ADA) and making it the 13th-largest cryptocurrency.
Perhaps the biggest catalyst for the move north is THORChain’s network upgrade, which reportedly introduced native support for XMR swaps.
According to X user Nebrasangooner, breaking above the $410 resistance was the key bullish trigger, suggesting the asset is ready to take off. For his part, David Gokhshtein remains baffled by how XMR printed such gains without being listed on many major exchanges.
Recall that at the beginning of 2024, Binance terminated all services with the token, triggering a substantial price decline. XMR remains unavailable on Coinbase as well, while the few popular platforms that support it are Kraken, KuCoin, and MEXC.
Other X users commenting on the price increase include Mav and Sweep. The former claimed that the rise above $500 has confirmed XMR’s comeback, whereas the latter described it as “an absolute sleeping giant” and “the real privacy token.”
Meanwhile, the coin’s recent exchange net flow indeed suggests a further rally could be on the way. CoinGlass’s data displays that outflows have surpassed inflows over the past several days, signaling that investors have abandoned centralized platforms in favor of self-custody, thereby reducing immediate selling pressure.
The Concerning Sign
Contrary to the aforementioned bullish predictions, XMR’s Relative Strength Index (RSI) hints at an incoming correction. The technical analysis tool ranges from 0 to 100, where anything above 70 suggests the asset is overbought and due for a move south.
On the contrary, readings below 30 mean XMR has entered oversold territory and could be interpreted as buying opportunities. As of this writing, the RSI stands at roughly 77.
- XMR RSI, Source: RSI Hunter
The post Monero (XMR) Hits a 7-Month Peak: What Happened and What’s Ahead? appeared first on CryptoPotato.