Monero (XMR) surged nearly 43% over the past month, trading around $525 and briefly reaching $530, its highest since January. The rally was fueled by THORChain’s network upgrade introducing native XMR swaps, as per an X post. Breaking above $410 resistance was a key bullish trigger, according to X user Nebrasangooner. XMR’s market cap nears $10 billion, making it the 13th-largest cryptocurrency. However, an RSI reading of 77 suggests the asset may be overbought and due for a correction, according to technical analysis.
Monero (XMR) has outperformed most top cryptocurrencies, registering a double-digit increase and nearing the top 10 by market capitalization. The privacy token trades at roughly $525, representing a 43% monthly gain, after briefly spiking to nearly $530, the highest since January.
The primary catalyst for the rally appears to be THORChain’s network upgrade, which, as reported, 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.
David Gokhshtein expressed bafflement on X, commenting on how XMR printed such gains without being listed on many major exchanges. Notably, Binance terminated all services with the token at the beginning of 2024, triggering a substantial decline, and XMR remains unavailable on Coinbase. Popular platforms that do support it include Kraken, KuCoin, and MEXC.
Other X users weighed in on the price increase. Mav claimed that the rise above $500 confirmed XMR’s comeback. Sweep described the token as “an absolute sleeping giant” and “the real privacy token.”
Data from CoinGlass shows that exchange net flows indicate outflows have surpassed inflows over recent days. This suggests investors are moving tokens to self-custody, reducing immediate selling pressure.
Despite these bullish signals, the Relative Strength Index (RSI) for XMR currently stands at roughly 77. Readings above 70 typically indicate an asset is overbought and may be due for a price correction, while readings below 30 signal oversold conditions.
