Monero Breaks $500 Barrier Amid THORChain Upgrade
Monero (XMR) has made a significant surge in value, reaching a 7-month peak and breaching $500. The asset's price briefly surged to almost $530 on August 31, its highest since January this year. It currently trades at around $525, representing a 43% jump on a monthly scale.
The market capitalization of XMR has jumped to nearly $10 billion, overtaking altcoins like Chainlink (LINK) and Cardano (ADA), making it the 13th-largest cryptocurrency. This is attributed in part to THORChain's network upgrade, which introduced native support for XMR swaps.
X user Nebrasangooner suggests that breaking above the $410 resistance was a key bullish trigger, indicating the asset is ready to take off. However, David Gokhshtein remains baffled by how XMR printed such gains without being listed on many major exchanges.
The Relative Strength Index (RSI) for XMR stands at roughly 77, hinting at an incoming correction as it suggests the asset is overbought and due for a move south. This cautious sign contrasts with bullish predictions from X users who describe XMR as 'an absolute sleeping giant' and 'the real privacy token.'