Most major digital assets recorded minor losses over the past 24 hours, while the total crypto market capitalization fell slightly over the same period.
The popular privacy token Monero (XMR) has defied current conditions, recording a double-digit increase and closing in on the prestigious top 10 club. Here’s what fueled the rally.
Lead the winners
XMR is the best-performing cryptocurrency on the top 100 list today (August 31), with its price briefly soaring to nearly $530, the highest since January this year. Currently, it is trading at around $525 (per CoinGecko), which represents a 43% jump on a monthly scale.
The asset’s market capitalization has soared to nearly $10 billion, surpassing 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 would have introduced Native support for XMR swaps.
According to For user 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 drop. XMR also remains unavailable on Coinbase, 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 old claimed that the rise above $500 confirmed the return of XMR, while the latter describe it is considered “an absolute sleeping giant” and “the true guarantee of confidentiality”.
At the same time, the coin’s recent net trading flow indeed suggests that a new rally may be underway. Data from CoinGlass shows that outflows have outpaced inflows over the past few days, indicating that investors have been abandoning centralized platforms in favor of self-custody, reducing immediate selling pressure.
The sign concerned
Contrary to the aforementioned bullish predictions, XMR’s Relative Strength Index (RSI) hints at an imminent correction. The technical analysis tool ranges from 0 to 100, where anything above 70 suggests the asset is overbought and needs to move south.
On the contrary, readings below 30 mean that XMR has entered oversold territory and could be interpreted as buying opportunities. At the time of writing, the RSI stands at around 77.
- XMR RSI, source: RSI Hunter
Article Monero (XMR) Hits 7-Month High: What Happened and What’s Ahead? appeared first on CryptoPotato.