Monero Surges to $530 on THORChain Swaps Catalyst

Monero's price surged to nearly $530 on August 31st, its highest level since January. This significant gain made it the best-performing top-100 cryptocurrency for the day.

The market value of XMR approached $10 billion, surpassing Chainlink and Cardano in market capitalization, ranking 13th among cryptocurrencies.

This rally is attributed to THORChain's network upgrade, which added native support for XMR swaps. This new access provided a clear catalyst, making it easier for users to trade the privacy-focused asset.

Despite this significant gain, Monero's Relative Strength Index (RSI) stands near 77, signaling that the rally may be stretched after a 43% monthly increase.