Monero Blasts Past $530 on THORChain Swaps and Exchange Outflows
Monero's price surged to nearly $530 on August 31st, marking its highest level since January. This significant increase made it the best-performing top-100 cryptocurrency for the day.
The token briefly touched $530 before easing to around $525, while most major digital assets posted small daily losses. Monero's market value approached $10 billion, making it rank 13th among cryptocurrencies and overtaking Chainlink (LINK) and Cardano (ADA).
This rally followed THORChain's network upgrade, which added native support for XMR swaps and gave users another direct route into the privacy-focused asset. This new access provided a clear catalyst for the price increase.
Despite Monero's limited availability on major centralized exchanges, its market capitalization climbed to nearly $10 billion, driven by exchange outflows and reduced supply. However, technical analysts warn that an RSI near 77 signals that the rally may be stretched after a 43% monthly gain.