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XMR Price Analysis: Roaring Bulls Gets Monero In Top 10

Monero Crypto, the king of Privacy has a great start in 2020. Ever Since Europol Analyst confirmed that Monero is indeed untraceable, the XMR price is surging. Monero price has seen a 20% surge last week. Moreover, Coinmarketcap data shows that Monero has overcome Stellar to make its position as 10th crypto as per market capitalization. However, in the Coingecko list, XMR is still in the 11th position. 

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XMR Price Analysis

The XMR crypto is trading at $56.10 against USD at 8.5% surge. While, XMR / BTC price is 0.00741437 BTC with 7.77% rise. The current market cap of Monero has increased 3.5% from $940,587,960 USD to $973,542,217 USD. The 24hr trading volume has added around $10,000,000 USD to its kitty; now being $61,358,297 USD.

Looking at the weekly chart, the XMR price has increased suddenly after falling to $44 on Jan 3. XMR price is increasing since then. 

  • RSI Indicator – The XMR/USD 4hr indicator displays a constant growth. The price is above the bullish level 70 and flirting with level 80. Bulls are in the near future.
  • MACD Indicator – The XMR/USD 4hr indicator has broken out of the downtrend line. This suggests that the downtrend is likely over. The price might climb up to the moving averages.

A twitter handle by name aWebAnalysis has charted out Monero price growth in last week.

Stamp of Privacy on Monero – 

In a recent turn of events, Europol, The European Union Agency for Law Enforcement, has encountered a cybercrime involving Monero. Europol officials have attended a Blockchain Alliance Webinar on Privacy Coins. Jerek Jakubcek, an E3C Europol officer explained his view on Monero with an example.

The cybercriminals have used a combination of Tor and Monero to hide the money. Europol explained that they could easily trace back any Bitcoin crime on the blockchain. However, their efforts have come to a dead-end with Monero blockchain.

“Once funds are moved to Monero – regardless of by which means this happens, criminal investigations tend to hit a wall. “

While this feature might be positive, it will also pose significant hurdles from the regulators in the future.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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