The Monero (XMR) price soared to a 5-year high of $347.72

This remarkable rally has captured the attention of the cryptocurrency market, with trading volumes skyrocketing from an average of $50 million

The price of Monero (XMR) shot up to a 5-year high of $347.72 according to CoinGecko data, before pulling back to around $288.76 at press time amid speculation Monero was used to launder 3,520 stollen BTC worth $330.7 million.

This remarkable rally has propelled trading volumes to astronomical heights, contrasting sharply with the average 7-day rolling volume of $50 million. Within 24 hours, trading activity reached over $218 million.

Why is Monero price rising today?

This remarkable rally has left many wondering what is driving Monero’s price upward.

Apart from the news of XMR being used to launder stolen bitcoins, there appears to be no other clear catalyst behind the price movement, leading analysts to speculate that the rally may be driven by speculative trading, which suggests that market sentiment and trader behavior are playing a significant role.

Monero, a privacy-centric cryptocurrency based on the CryptoNote protocol, ensures that all transactions are unlinkable and untraceable, making it a popular choice for users seeking anonymity.

Adding to the bullish outlook are technical patterns, including a giant ascending triangle that has been forming over nearly 8 years, characterized by a series of higher lows converging with a horizontal resistance line around $400-$450, indicating a potential breakout.

This is something!@crypto_birb @thecryptomonk what do you think?#XMR #Monero $XMR

— Mihir (@RhythmicAnalyst) April 28, 2025

Furthermore, a double bottom pattern on the weekly timeframe, a classic reversal formation, has been confirmed with a clean retest, signaling strong bullish momentum and providing a solid foundation for a long-term uptrend.

On-chain metrics further support this positive sentiment, with Monero’s open interest in futures reaching its highest level since December 20, reflecting new money entering the market and suggesting a rally ahead.

Moreover, the growing demand for privacy coins, driven by increasing concerns over data security and anonymity, positions Monero as a leader in this niche market, attracting both retail and institutional investors.

How high can the price of XMR go?

With the current bullish momentum, traders and investors are keenly interested in how high Monero’s coins can go.

Technical analysis provides some insights, with the ascending triangle pattern suggesting a potential target of $350 if the breakout is confirmed, while the double bottom pattern points to targets around 26%, 48%, and up to $480.

Beyond these technical targets, the all-time high of $543, reached in January 2018, remains a key psychological and resistance level that could come into play if the rally continues, potentially attracting more attention and investment but also leading to profit-taking and increased volatility.

However, traders should exercise caution, seeing that the Relative Strength Index (RSI) has entered the overbought region, signaling a possible pullback before the continuation of the bullish trend.

The price trajectory will also be influenced by broader market sentiment, adoption rates, and regulatory developments, particularly concerning privacy coins, which have faced scrutiny in some jurisdictions; regulatory clarity or positive developments could act as a catalyst for further price appreciation, while adverse regulations could pose challenges.

Additionally, with a current market capitalization of $5,422,488,199, Monero ranks as the 27th largest cryptocurrency, and a sustained rally toward its all-time high could propel it higher in the rankings, increasing its visibility and appeal to a broader range of investors.

Despite previous challenges faced by privacy cryptocurrencies like Monero, Monero’s robust privacy features, continuous technological advancements, and strong community support position it well for future growth, making it an attractive prospect for long-term investors.