
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.