Monero (XMR) Price Surges 40-50% to Trade Above $320, Marking a Three-Year High

The privacy-focused cryptocurrency has experienced a dramatic price surge in the past 24 hours, rising by 40-50% to trade above $320

Monero, the privacy-focused cryptocurrency, experienced a dramatic price surge in the past 24 hours, rising by 40-50% to trade above $320 on Monday. This price level hasn't been seen since May 2021, marking a three-year high for the privacy coin.

The sudden price movement came with a major increase in trading activity. Volumes on Monday jumped from a seven-day rolling average of about $50 million to over $220 million in just 24 hours.

Market observers noted that there is no clear official news driving the sudden interest in Monero. The privacy-centric token, which is based on the CryptoNote protocol ensuring unlinkable and untraceable transactions, has maintained consistent network activity despite the price surge.

However, one theory gaining traction relates to a possible large-scale theft. Crypto investigator ZachXBT posted on social media that 3,520 BTC (worth approximately $330.7 million) may have been stolen and subsequently laundered through multiple instant exchanges, with the funds converted into Monero.

This conversion would create sudden demand for XMR, potentially explaining the rapid price increase.

Technical indicators paint a bullish picture for the privacy coin. The daily chart shows Monero breaking above an ascending triangle formation that had been developing since mid-November.

The Relative Strength Index (RSI) on the daily chart reads 83, above the overbought level of 70. While this suggests the rally could face cooling pressures soon, the overall momentum remains strongly bullish.

If support holds at the $241.95 level, some analysts believe XMR could continue climbing toward a technical target of $345.23, though traders might consider taking profits around the $300 mark.

On-chain metrics support the bullish case. Data from Coinglass shows that futures open interest in XMR across 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, which often precedes further price appreciation.

The broader crypto market has remained relatively flat during this same period. Bitcoin traded above $93,000, down about 1%, while the CoinDesk 20 index showed little change during Asian trading hours.

XRP led gains among major cryptocurrencies with a 4% increase, driven by news of 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 movements between 1% and 3%.

The overall market sentiment remains cautiously bullish despite macroeconomic headwinds. Analysts noted that the Trump administration's softer stance on crypto industry tariffs may be creating a more favorable environment for the sector.

This policy direction could potentially help Bitcoin and other cryptocurrencies develop their own market direction with less correlation to US equities, according to Jupiter Zheng, Partner at HashKey Capital.

Broader equity markets showed mixed movements on Monday. While a regional gauge advanced 0.6%, futures for the S&P 500 declined 0.6%, suggesting the four-day US equities rally might be coming to an end.

Gold pared last week's gains after its record-breaking rally, while Hong Kong's Hang Seng index and other major Asian indexes remained flat.

Monero's price reached over $320 in Asian morning hours on Monday, with trading volumes exceeding $220 million in the past 24 hours.