bitcoin
Bitcoin (BITCOIN)
$104,484 0.81%
ethereum
Ethereum (ETHEREUM)
$2,501 1.51%
binancecoin
BNB (BINANCECOIN)
$641.23 -0.03%
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ripple
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pepe
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$0.000010 3.29%
bonk
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$0.000014 -0.49%
bitcoin
Bitcoin (BITCOIN)
$104,484 0.81%
ethereum
Ethereum (ETHEREUM)
$2,501 1.51%
binancecoin
BNB (BINANCECOIN)
$641.23 -0.03%
solana
Solana (SOLANA)
$144.80 -0.99%
ripple
XRP (RIPPLE)
$2.14 -0.69%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000012 1.42%
pepe
Pepe (PEPE)
$0.000010 3.29%
bonk
Bonk (BONK)
$0.000014 -0.49%
bitcoin
Bitcoin (BITCOIN)
$104,484 0.81%
ethereum
Ethereum (ETHEREUM)
$2,501 1.51%
binancecoin
BNB (BINANCECOIN)
$641.23 -0.03%
solana
Solana (SOLANA)
$144.80 -0.99%
ripple
XRP (RIPPLE)
$2.14 -0.69%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000012 1.42%
pepe
Pepe (PEPE)
$0.000010 3.29%
bonk
Bonk (BONK)
$0.000014 -0.49%
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Monero Price Prediction – Why the GENIUS Act Could Propel XMR to $1000 Soon

Highlights:

  • Monero is sending green signals on a day that most of the market is in the red
  • Monero’s price action is a hint at rising real demand
  • The decline in privacy puts $1000 in focus for Monero 

Monero (XMR) is largely unchanged intraday but sends tiny green signals. At press time, Monero was trading at $325.25, up by 0.35% in the day. This is interesting given that the broader cryptocurrency, including Bitcoin, is in the red today. Monero trading volumes have also dropped by 2.74% to $105 million today. This could indicate that those who hold Monero are not selling at current prices, a hint that they expect even higher prices.

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Such price action at a time when the market is showing weakness, and from a cryptocurrency banned on all major exchanges, could signal underlying strength for Monero. Monero’s price action today can be linked to the passage of the GENIUS Act, which is expected to have significant implications for the cryptocurrency market. 

GENIUS Act Makes the Case for Monero Stronger Than Ever

The GENIUS Act is aimed at giving clarity to stablecoin issuers in the United States. However, it has implications that will likely make time-tested privacy cryptocurrencies like Monero. That’s because with this law, it will be easier for the government to track cryptocurrency transactions, a factor that could see privacy-seeking investors gravitate more towards Monero. Monero is attractive amongst the many other privacy coins for the simple fact that it is proven to be untraceable by design.

Monero Privacy Technology Is Time-Tested and Proven

Monero makes use of a technology called ring signatures. The technology makes it impossible to trace a Monero transaction. This makes Monero one of the truly fungible cryptocurrencies ever to exist. In the face of increased government control of the cryptocurrency market, this could trigger a parabolic surge in demand. Demand could see Monero rally to thousands of dollars per coin quickly.

Monero’s potential at a time when privacy is becoming increasingly complex to achieve is evident in its price action so far. Since 2020, Monero has been systemically banned from most cryptocurrency exchanges. While most cryptocurrencies tend to crash and disappear when such happens, Monero has held its value better than most altcoins. This is an indicator that Monero has strong underlying demand. Governments are now tracing most cryptocurrency transactions like fiat, making this demand grow even stronger.

Monero’s Low Supply Makes the Case for a Parabolic Price Move Strong

The best part is that Monero has a low supply, which means an increase in demand could significantly impact its price. Monero currently has a total supply of 18.44 million. This puts it at the same level as Bitcoin in terms of scarcity. The implication is that, if the passage of the GENIUS Act triggers a shift in money flow to Monero, the odds of it trading at $20k or more per coin would be high.

This makes it highly undervalued and could be the next target for investors seeking a mix of capital safety and growth in an increasingly crowded market. After the passage of the GENIUS Act, Monero’s price action is sending hints that demand is slowly building up. 

Technical Analysis – Monero Price Headed Higher After Bouncing Off Weekly Support

From the charts, Monero found strong support at $314.31 after a 3 week correction from its April highs of $417.

Monero Price Prediction
Source: TradingView

With bullish momentum building up in the week, a close above $314 by the end of the week could indicate that the underlying demand is getting stronger. This could pave the way for a rally to $400 in the short term. On the other hand, if bulls fail to hold the $314 support, a correction to prices below $300 could follow in the short term. 

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