Monero (XMR) climbed above $500 for the first time since its May 2021 peak, briefly reaching about $501 after a more than 6% gain on Sunday and roughly 20% over the prior week, pushing it close to its record high near $518. Traders cited shifting demand for privacy coins and recent events among rival projects as drivers of the move.
The surge followed turmoil at Zcash (ZEC), where the development team at Electric Coin Company resigned en masse amid disputes over project assets and direction. The resignations exposed deep leadership rifts, and ZEC fell more than 20%, hitting a weekly low near $360.
Market participants also noted bullish institutional commentary on privacy coins in recent reports by Grayscale and Coinbase, which highlighted growing demand for financial confidentiality amid tighter regulation. With Zcash in flux, some traders appear to favor Monero as a clearer privacy exposure.
Technically, XMR sat on the verge of price discovery in January after multiple failed breakout attempts historically led to sharp corrections of roughly 40% to 95% toward an ascending trendline. If history repeats, XMR could test $200–$270 support, while a sustained break above $500–$520 would negate that bearish fractal and could open a path toward $775 and a new all-time high.
