Monero has seen a rally of 9.5% this past week despite an 8.5% decline in the overall crypto market during this period. The privacy-focused XMR-US Dollar pair broke out of a sustained resistance trend that has lasted several months. Monero has also hinted at even more upside ahead in the coming days.
XMR was down a moderate 0.87% on the 10th of this month when compared to its 2-month peak of $245 witnessed a day earlier. But the cryptocurrency continues to outperform top rivals such as Ether and Bitcoin when seen in a weekly timeline.
Monero’s appeal among investors might have been raised following speculation that entities were using it to sidestep sanctions. Brookings, the US-based research group cautioned last week that the top privacy coin, Monero might be a way to evade sanctions.
Brookings elaborated that it was a consequence of the problem in tracing and tracking individuals who are involved in coin transactions in private.
Monero Has Seen A Massive Jump In Market Capitalization
XMR has seen an 85% rise in market capitalization and has grown to $4.3B since February. And technical pointers indicate that there could be further growth during the 2nd quarter.
Monero ended higher than a sliding trend this week that was capping XMR’s upside attempts after May last year. price chart indicators point towards a period marked by strong and decisive recovery.
XMR could be en route for a tag of even $480, which is up very nearly 110% from its $235 price on April 10. Independent analysts say that XMR rates could even touch $10,000 soon if earlier indicators play out.
But XMR and other similar privacy coins carry on facing intense regulatory stress from major governments. The IRS has even announced awards of $625,000 to anyone able to break the privacy protection of Zcash, Monero, and other similar cryptocurrencies.