Monero Surges as Privacy Coins Gain Momentum
Monero (XMR) has been on a winning streak for three days, nearing its April 2022 peak. the price hit $216.3, a 110% jump from its 2024 low. Over the past year, Monero has outperformed major cryptos like Bitcoin and Ethereum.
A US court ruling on Tornado Cash was the key driver behind Monero’s rise.In late 2024, a judge ruled that the Treasury Department’s sanctions on tornado Cash were unjustified. The court stated that smart contracts, which run Tornado Cash, cannot be classified as “property” under the law.
This decision led the Treasury to lift sanctions on Tornado Cash, making it accessible to Americans. Privacy coins like Monero have faced scrutiny for their anonymity features. Many exchanges, including Binance and Coinbase, have delisted Monero. Though, the Tornado Cash ruling could prompt exchanges to reconsider listing privacy coins.
Other privacy-focused coins like Dash, zcash, and Horizen also saw price increases. The Monero price chart shows a slow uptrend over the past few months. It rose from $102 in February 2023 to $215. The coin is above the 50-week Exponential Moving Average, indicating bullish momentum.
Technical indicators like Stochastic RSI and Momentum are positive. If the price breaks above the ascending channel, it could reach $290, its April 2022 high.
