Monero Surges 40% as XRP Outpaces Major Cryptocurrencies
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Monero Surges 40% as XRP Outpaces Major Cryptocurrencies

Monero's trading volume shot up significantly, leading to a notable price increase driven by a potential exploit.

Monero Surges 40% as XRP Outpaces Major Cryptocurrencies

Trading volumes for Monero (XMR) experienced a sharp increase, jumping from an average of $50 million on a seven-day rolling basis to over $220 million within just 24 hours.

Market Dynamics

Cryptocurrency markets are witnessing an upswing, with Bitcoin trading above $94,000, reflecting a rise of 0.7% over the past day, and the CoinDesk 20 index registering a 2.2% growth by mid-morning in Europe. Among the notable performances, XRP led the charge with nearly a 7% gain, primarily motivated by the approval of a ProShares ETF that will launch three futures-tracked products on April 30.

Monero, a privacy-focused cryptocurrency, has displayed remarkable growth of up to 40% in the last 24 hours, reaching prices not seen since May 2021. Following a considerable increase in trading volumes, the price surged to as high as $371 and then stabilized around $264.

Possible Exploit

The increase in demand for Monero corresponds with a possible exploit identified by on-chain researcher ZachXBT, who observed a ‘suspicious transfer’ of 3,520 BTC (approximately $330.7 million), later converted into Monero. This surge in demand for a relatively scarce token may explain the price spike.

Macroeconomic Influences

Trader sentiment remained cautiously optimistic, reflecting a general bullish outlook, albeit tempered by existing macroeconomic uncertainties.

“Bitcoin has held a stable range above $92k as the administration softens tariffs imposed on the crypto sector,” said Jupiter Zheng, Partner at HashKey Capital, in a recent Telegram discussion. This crypto-friendly sentiment is expected to facilitate Bitcoin and other cryptocurrencies’ growth and market evolution independently of US equity trends.

Market Reactions

Overall, broader equity markets showed mixed results, with a regional index improving by 0.6% while S&P 500 futures dipped by 0.6%. Meanwhile, gold prices have retraced some gains from last week, and indices across Asia, including Hong Kong’s Hang Seng, reflected similar stagnation.

Next article

ProShares Secures SEC Approval for Three XRP ETFs

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