Monero Roars Back: XMR Surpasses $500 with THORChain Support
Monero (XMR) is experiencing a significant price surge, reaching its highest point since January this year. The asset's value briefly surpassed $530 before stabilizing at around $525, representing a 43% increase on a monthly scale.
This remarkable rally has propelled XMR to the 13th spot in terms of market capitalization, surpassing popular altcoins like Chainlink (LINK) and Cardano (ADA).
The catalyst behind this move is attributed to THORChain's network upgrade, which introduced native support for XMR swaps.
According to X user Nebrasangooner, breaking above the $410 resistance was a crucial bullish trigger that suggests the asset is ready to take off.
David Gokhshtein expressed confusion over how XMR achieved such significant gains without being listed on major exchanges like Binance and Coinbase.