Monero (XMR) Price: What’s Going on? 40% Surge Takes Privacy Coin to Three-Year High
TLDR:
Monero (XMR) has surged 40-50% in the past 24 hours, reaching over $320
Trading volumes increased from an average of $50 million to over $220 million
Speculation links the rally to a possible theft of 3,520 BTC ($330.7 million) being laundered through exchanges and converted to XMR
Open interest in XMR futures reached its highest level since December 20
Technical analysis suggests a potential target of $345 if the rally continues
Monero, the privacy-focused cryptocurrency, has experienced a dramatic price surge in the past 24 hours, rising by 40-50% to trade above $320 on Monday, April 28, 2025. This price level hasn’t been seen since May 2021, marking a three-year high for the privacy coin.
The sudden price movement comes with a major increase in trading activity. Volumes jumped from a seven-day rolling average of about $50 million to over $220 million in just 24 hours.
Market observers note there is no clear official news driving the sudden interest in Monero. The privacy-centric token, which is based on the CryptoNote protocol ensuring unlinkable and untraceable transactions, has maintained consistent network activity despite the price surge.
One theory gaining traction relates to a possible large-scale theft. Crypto investigator ZachXBT posted on social media that 3,520 BTC (worth approximately $330.7 million) may have been stolen and subsequently laundered through multiple instant exchanges, with the funds converted into Monero.
Nine hours ago a suspicious transfer was made from a potential victim for 3520 BTC ($330.7M)
Theft address
bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g
Shortly after the funds began to be laundered via 6+ instant exchanges and was swapped for XMR causing the XMR price to spike…
— ZachXBT (@zachxbt) April 28, 2025
This conversion would create sudden demand for XMR, potentially explaining the rapid price increase.
Technical indicators paint a bullish picture for the privacy coin. The daily chart shows Monero breaking above an ascending triangle formation that had been developing since mid-November.
Technical Outlook
The Relative Strength Index (RSI) on the daily chart reads 83, above the overbought level of 70. While this suggests the rally could face cooling pressures soon, the overall momentum remains strongly bullish.
If support holds at the $241.95 level, some analysts believe XMR could continue climbing toward a technical target of $345.23, though traders might consider taking profits around the $300 mark.
On-chain metrics support the bullish case. Data from Coinglass shows that futures open interest in XMR across exchanges rose from $20.13 million on Friday to $30.38 million on Monday, reaching a new year-to-date high.
An increasing open interest typically represents new money entering the market, which often precedes further price appreciation.
The broader crypto market has remained relatively flat during this same period. Bitcoin traded above $93,000, down about 1%, while the CoinDesk 20 index showed little change during Asian trading hours.
XRP led gains among major cryptocurrencies with a 4% increase, driven by news of a ProShares ETF approval that will see three futures-tracked products launch on April 30.
Cardano’s ADA, BNB Chain’s BNB, and Ethereum (ETH) showed modest movements between 1% and 3%.
The overall market sentiment remains cautiously bullish despite macroeconomic headwinds. Analysts note that the Trump administration’s softer stance on crypto industry tariffs may be creating a more favorable environment for the sector.
This policy direction could potentially help Bitcoin and other cryptocurrencies develop their own market direction with less correlation to US equities, according to Jupiter Zheng, Partner at HashKey Capital.
Broader equity markets showed mixed movements on Monday. While a regional gauge advanced 0.6%, futures for the S&P 500 declined 0.6%, suggesting the four-day US equities rally might be coming to an end.
Gold pared last week’s gains after its record-breaking rally, while Hong Kong’s Hang Seng index and other major Asian indexes remained flat.
Monero’s price reached over $320 in Asian morning hours on Monday, with trading volumes exceeding $220 million in the past 24 hours.
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Filed under: News - @ April 28, 2025 9:29 am