Monero (XMR) Price: Privacy Coin Explodes 50% in Single Day Trading

TLDR

Table of Contents

Monero (XMR) has surged over 40-50% in 24 hours, reaching $320, a level not seen since May 2021
Trading volumes increased from $50 million to over $220 million in 24 hours
The rally may be connected to speculation about stolen BTC funds worth $330.7 million being converted to Monero
XMR broke above an ascending triangle formation, with a potential technical target of $345
Open interest in Monero futures reached its highest year-to-date level, rising from $20.13 million to $30.38 million

Monero (XMR) has experienced a dramatic price surge, jumping more than 50% in the past 24 hours to trade above $320 during Asian morning hours on Monday. This marks the highest price level for the privacy-focused cryptocurrency since May 2021.

The sudden rally stands in stark contrast to the broader cryptocurrency market, which remained relatively flat during the same period. Bitcoin (BTC) traded above $94,000, down 1%, while the CoinDesk 20 index showed little movement.

Trading volumes for XMR have skyrocketed from an average of $50 million on a seven-day rolling basis to over $220 million in the past 24 hours, showing strong market interest in the privacy coin.

Market analysts have noted the unusual nature of this price movement. “There appears to be no clear catalyst behind XMR’s recent rally,” said Min Junng, a research analyst at Presto, in a message to CoinDesk.

Junng added that network activity remains consistent with typical levels, suggesting the movement may be more speculative in nature.

However, some market observers have pointed to a possible explanation. Crypto investigator ZachXBT highlighted on social media that the rally might be connected to a suspected theft involving 3,520 BTC worth approximately $330.7 million.

Possible Connection to Large BTC Movement

According to ZachXBT’s report, the stolen funds were allegedly laundered through over six instant exchanges and converted into Monero. This sudden demand for XMR could explain the dramatic price increase.

Nine hours ago a suspicious transfer was made from a potential victim for 3520 BTC ($330.7M)
Theft address
bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g
Shortly after the funds began to be laundered via 6+ instant exchanges and was swapped for XMR causing the XMR price to spike…
— ZachXBT (@zachxbt) April 28, 2025

Monero, based on the CryptoNote protocol, ensures all transactions are unlinkable and untraceable, making it a preferred choice for those seeking financial privacy.

The technical outlook for Monero appears bullish. The cryptocurrency has broken above an ascending triangle formation on the daily chart, a pattern created by connecting swing points between multiple higher lows and equal highs since mid-November.

This breakout favors the bulls, with a technical target of $345 if the trend continues. However, traders might consider taking profits around the $300 level.

Technical Indicators and Market Sentiment

The Relative Strength Index (RSI) on the daily chart reads at 83, well above the overbought level of 70, suggesting the rally might face cooling pressures despite strong bullish momentum.

On-chain metrics further support the positive outlook for XMR. Data from Coinglass shows that futures open interest in Monero at exchanges rose from $20.13 million on Friday to $30.38 million on Monday, reaching a new year-to-date high.

An increasing open interest typically represents new money entering the market, suggesting further potential gains for Monero’s price.

This rally comes as other major cryptocurrencies show mixed performance. XRP led gains among major cryptocurrencies with a 4% increase, driven by a ProShares ETF approval that will see three futures-tracked products launch on April 30.

Cardano’s ADA, BNB Chain’s BNB, and Ethereum (ETH) showed more modest gains between 1% and 3%.

The broader market sentiment remains cautiously bullish despite macroeconomic headwinds. “Bitcoin has maintained a relatively stable range above $92k as Trump’s administration softens tariff policies for the crypto industry,” said Jupiter Zheng, Partner at HashKey Capital.

Monero’s current price action demonstrates that privacy-focused cryptocurrencies can still attract substantial market interest, even in a relatively flat overall market.

The price of XMR reached over $320 in Asian morning hours on Monday, with trading volumes more than quadrupling compared to recent averages.

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