Monero (XMR) Suddenly up 30%; Whats Behind It?

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Monero (XMR) Suddenly up 30%; Whats Behind It？

Privacy coin Monero (XMR) rose strongly in the early Monday trading session. In a handful of hours, Monero rose from a low of $234 to $329, producing a massive green daily candlestick.

The exact reason behind the move remains unknown, but potential explanations exist. The crypto market saw buying pressure in the early Monday session, with several altcoins in green.

According to Wu Blockchain, a suspicious transfer of 3,520 BTC (about $330.7 million) was made from a potential victims account. After being transferred to a specific address, the Bitcoin was quickly exchanged for Monero (XMR) through multiple exchanges, causing the XMR price to surge by 50%.

This intense buying pressure sent XMR prices soaring by nearly 50% at one point. However, once it cooled down, Monero lost some of its gains. At press time, XMR was up 25% in the last 24 hours, trading around $265.

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Monero has steadily ticked higher since hitting lows of $165 on April 7. The move surpassed the daily moving averages of 50 and 200 at $198 and $215, extending Moneros momentum. If Monero closes today in the green, it will have had four consecutive days of gains since April 25.

Broadly, Monero has traded in a range, and the recent move caused XMR to escape its current trading range, which it had been in since December 2024, causing Monero to reach highs last seen since May 2021.

Monero shoots up in crypto market ranking

The latest price surge has caused XMR to shoot up in crypto market rankings and is now the 24th largest cryptocurrency with a market cap of $4.91 billion.