Monero Surges to Seven-Month High After THORChain Upgrade
Monero (XMR) has surged to nearly $530, its highest level since January, after THORChain added native XMR swaps and exchange outflows lifted it toward a $10B market cap. Despite a weaker crypto market, the privacy-focused asset's price climbed by 43% over the month.
The move followed THORChain's network upgrade, which provided users with another direct route into Monero. The token was still up about 43% over the month and had climbed to nearly $10 billion in market capitalization, surpassing Chainlink (LINK) and Cardano (ADA) and ranking 13th among cryptocurrencies.
However, technical analysts warn that the rally may be overstretched after a Relative Strength Index reading near 77. This level is commonly associated with overbought conditions and a higher risk of short-term correction.