Monero Price Update

Monero price has risen for three consecutive days and is hovering near its highest level since April 2022.

Monero Performance

Monero (XMR), the biggest privacy-focused coin in crypto, jumped to a high of $216.3, up 110% from its lowest level in 2024. In the last 12 months, it has surpassed other popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).


Key Catalyst

A recent US court ruling on Tornado Cash (TORN) served as the main catalyst for the ongoing Monero rebound.

In late 2024, a judge ruled that the Treasury Department’s Office of Foreign Assets Control (OFAC) erred when implementing sanctions on the company. The Fifth Circuit Court of Appeals ruled that smart contracts operating autonomously cannot be classified as “property,” as the government had argued. The court noted that immutable smart contracts that run Tornado Cash were not subject to ownership or control, making them illegible under the International Emergency Economic Powers Act.

The Treasury Department had claimed that Tornado Cash was a security threat, as it helped criminals, including the Lazarus Group, launder billions of dollars.

Market Reactions

Following the ruling, the Treasury Department lifted sanctions on Tornado Cash, making it available to Americans.

As a result, Monero and other privacy coins surged as the market reacted positively to these developments. These tokens have been under scrutiny by authorities due to their advanced security features that allow for anonymous transactions. This scrutiny has led many exchanges to delist them, including popular platforms like Binance, Kraken, OKX, Coinbase, and HTX. Currently, most trading for Monero occurs on smaller exchanges like MEX, KuCoin, and Bitfinex.

With the Tornado Cash ruling, some exchanges may review Monero and potentially re-list it along with other privacy tokens. Other similar coins like Dash (DASH), Zcash (ZEC), and Horizen (ZEN) have also seen price increases.

Technical Analysis


The weekly chart shows that XMR price has been in a slow uptrend over the past few months, rising from a low of $102 in February last year to $215.

The coin has remained solidly above the 50-week Exponential Moving Average, indicating that bulls are in control. Monero has formed an ascending channel along with a small doji candlestick. Oscillators like the Stochastic RSI and Momentum are showing upward trends.

The price is likely to continue rising in the coming weeks. A break above the upper side of the ascending channel could lead to more upside, potentially reaching $290, the highest swing recorded in April 2022.

Conclusion

Read more: Monero price could surge 140% after Tornado Cash ruling