Monero (XMR) Price Explodes Over 40% Targeting $480

The price of Monero (XMR) has surged more than 40% in the span of a few hours on Friday, putting a multi-year breakout on the chart.

This move has analysts suggesting that the cryptocurrency could still have a long way to go.

Crypto trader JAVON MARKS pointed to a multi-year chart pattern, suggesting XMR is heading towards a target of over $480, which would mean over 75% upside from current prices.

XMR adds massively to its post-breakout gains and looks to be headed right towards its target at the $484.44 level!

With this target still in play, another near +75% upside to reach it can take place… pic.twitter.com/b8zY7qIu8x

— JAVON MARKS (@JMarks_03) April 28, 2024

Indeed, XMR exploded higher in the past 24 hours, posting one of its strongest rallies in years. According to data from CoinGecko, XMR briefly touched nearly $350, its highest level since 2020, before cooling off to around $260 at the time of writing.

The privacy coin’s market capitalization surged by approximately $2 billion during the rally, now sitting just under $6 billion. The move propelled Monero to become the 27th-largest cryptocurrency, overtaking names like Hyperliquid (HYPE) and Pi Network (PI).

This recent price pump for the XMR token makes it the second-best performer in the last 24 hours, only behind Virtuals Protocol, one of the largest AI agent crypto projects. Its token, VIRTUAL, surged over 23.5%, currently priced at $1.34.

Similarly, Flare’s FLR token and NEXO (NEXO) saw more modest gains, 13% and 6.9%, respectively, while Bittensor (TAO) is still harnessing momentum from last week’s price surge.

Is a Hack Behind The Monero Price Surge?

While the Monero price surge might be as impressive as it is, there are those who believe that XMR pumped thanks to a massive $330 million Bitcoin (BTC) theft.

That’s according to ZachXBT, the popular on-chain sleuth, who flagged a major BTC theft involving 3,520 BTC, valued at roughly $330.7 million, in what could be one of the largest crypto heists of the year.

The suspicious transaction, reported on April 28, shows the stolen Bitcoin being moved from a victim’s wallet to the address bc1qcry…vz55g. From there, the funds were rapidly funneled through at least six instant exchanges and converted into Monero (XMR), a privacy coin known for obscuring transaction trails.