Trading Volume Quadruples as Coin Jumps 40% in 24 Hours

TLDR

• Monero (XMR) price surged by approximately 40-50% in 24 hours, reaching around $320
• Trading volume increased from an average of $50 million to over $220 million
• Speculation links the price surge to a potential $330.7 million Bitcoin theft where funds were allegedly converted to Monero
• XMR’s open interest reached its highest level since December 20, 2024
• Technical analysis suggests a possible continued rally toward $345

Monero (XMR), the privacy-focused cryptocurrency, has experienced a dramatic price surge, jumping over 40% in a single day to reach approximately $320. This marks the highest price level for XMR since May 2021 and comes amid increased trading activity and speculation about the cryptocurrency’s use in a high-profile conversion of funds.

The sudden price increase has pushed Monero to the 23rd position among all digital assets with a market cap of about $5.83 billion. Trading volume has more than quadrupled, rising from an average of $50 million on a seven-day rolling basis to over $220 million in the past 24 hours.

The price surge occurred while most of the cryptocurrency market remained relatively flat. During Asian trading hours, Bitcoin traded above $93,000 with a slight 1% decrease, while the CoinDesk 20 index showed little movement overall.

Potential Catalyst Behind the Surge

The sudden jump in Monero’s price coincides with reports from crypto investigator ZachXBT about a potential theft involving 3,520 Bitcoin, worth approximately $330.7 million. According to these reports, the funds were allegedly laundered through multiple instant exchanges and converted into Monero.

This scenario aligns with Monero’s core feature set as a privacy coin. Unlike Bitcoin and many other cryptocurrencies, Monero uses advanced cryptographic techniques such as ring signatures and stealth addresses to make transactions untraceable and unlinkable.

“There appears to be no clear catalyst behind XMR’s recent rally,” stated Min Junng, a research analyst at Presto, in a message to CoinDesk. “Network activity remains consistent with typical levels, suggesting the move may be more speculative in nature.”

Technical Analysis Points to Further Gains

Technical indicators suggest Monero’s price breakout might continue. The cryptocurrency has broken above an ascending triangle formation on daily charts, which is typically a bullish signal.

This technical pattern formed between mid-November and the present, connecting multiple higher lows and equal highs. The breakout level stands around $241.95, with a potential target of $345.23 based on technical projections.

The Relative Strength Index (RSI) on daily charts reads at 83, above the overbought level of 70. While this suggests possible cooling pressures, the overall momentum remains strongly bullish.

On-Chain Metrics Support Bullish Outlook

On-chain data further supports the bullish case for Monero. According to Coinglass data, the futures open interest in XMR across exchanges rose substantially from $20.13 million on Friday to $30.38 million on Monday.

This increase represents a new year-to-date high in open interest. Rising open interest typically indicates new money entering the market and suggests continued upward price movement may be possible.

Monero’s Unique Position in Crypto

Monero has distinguished itself within the cryptocurrency ecosystem through its unwavering commitment to privacy and anonymity. While most cryptocurrencies offer pseudonymity at best, Monero provides true privacy through its technical design.

The cryptocurrency operates with a circulating supply of approximately 18.44 million XMR and notably has no upper supply limit. This distinguishes it from Bitcoin and many other cryptocurrencies that have predetermined maximum supplies.

Market Outlook and Projections

Some analysts project that Monero could reach an average price of $459 by the end of 2025, with more optimistic scenarios suggesting a maximum price of around $471.

The introduction of new node software written in Rust, known as Cuprate, is expected to enhance the efficiency and scalability of the Monero network. These technological improvements may further strengthen Monero’s position in the cryptocurrency market.

For the near term, consensus among financial analysts suggests Monero could trade around $301 by mid-May 2025. The technical charts indicate a bullish market, with Monero gaining favor for its transaction speeds in addition to its privacy features.

Broader Market Context

While Monero has seen exceptional gains, the broader cryptocurrency market sentiment remains cautiously bullish amid macroeconomic challenges and regulatory changes. XRP led major gains 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 modest moves between 1% and 3%. Bitcoin’s price action remained constrained above $93,000.

“Bitcoin has maintained a relatively stable range above $92k as Trump’s administration softens tariff policies of the crypto industry,” Jupiter Zheng, Partner at HashKey Capital, told CoinDesk. “This crypto-friendly attitude can boost Bitcoin and other cryptocurrencies to develop their own market direction, less correlated with US equities.”

Broader equity markets showed mixed movements on Monday, with futures for the S&P 500 declining 0.6%, potentially ending a four-day US equities rally. Gold pared last week’s gains after a record-breaking rally, while Hong Kong’s Hang Seng index remained flat along with other major Asian indexes.

Monero’s dramatic price surge highlights growing interest in privacy-focused cryptocurrencies as blockchain technology continues to evolve and gain wider adoption.