- Monero (XMR) has surged past $340 for the first time since 2021, pushing its market cap to $6.43 billion and overtaking meme coin Pepe.
- Strong investor interest, driven by a recent BTC laundering event and rising open interest, suggests continued bullish pressure, though a short-term pullback remains possible.
Monero (XMR), the privacy-focused cryptocurrency, is on a powerful run, gaining for the seventh consecutive day and climbing above $340 — a level last seen in August 2021. With this rally, Monero’s market capitalization has surged to $6.43 billion, officially surpassing that of the meme-inspired token Pepe and earning the 29th spot in the overall crypto rankings.
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XMR Price Rally Fueled by Demand Surge
The renewed enthusiasm for Monero began in late April, coinciding with the laundering of approximately 3,520 BTC—worth over $330 million—through multiple instant exchanges and ultimately swapped for Monero. This sudden demand triggered a significant price increase, signaling growing interest in privacy-centric assets amid heightened concerns over security and anonymity.
Backed by this demand, XMR’s price broke above the key resistance of $340.98 last week and has held steady since. Analysts now eye the next price target at $356.59, which aligns with the 61.8% Fibonacci retracement level from the May 2021 peak of $517.60 to the June 2022 low of $96.10.
On-Chain Data Shows Strong Investor Participation
Data from CoinGlass reveals that XMR’s futures Open Interest (OI) has risen consistently since early May, now sitting at its highest point year-to-date. Rising OI typically indicates increased investor participation and fresh capital entering the market—signs that the current rally has strong backing.
The Relative Strength Index (RSI) on the weekly chart currently reads 80, signaling that XMR is deep in overbought territory. While this reflects robust buying strength, it also suggests a potential pullback. If a correction occurs, support is expected near the $306.85 level, the 50% Fibonacci retracement.
Outlook: Can Monero Sustain the Rally?
Monero’s recent surge highlights a renewed investor appetite for privacy-oriented cryptocurrencies, especially in light of major on-chain transactions linked to security breaches. If bullish momentum holds, XMR could extend gains toward the $356 mark. However, traders should remain cautious, as technical indicators show the asset may be due for a short-term consolidation.
With strong fundamentals and heightened demand, Monero’s rise above meme coins like Pepe marks a shift in market sentiment—favoring utility and privacy over hype.
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