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Monero(XMR) surged to nearly $530, a seven-month high, as THORChain swaps and exchange outflows lifted it toward a $10B market cap despite a weaker crypto market.
Key Points:
- Monero briefly touched almost $530 on Aug. 31, making it the best-performing top-100 cryptocurrency for the day.
- Its market value approached $10 billion, while native THORChain swaps gave the privacy coin a fresh catalyst.
- An RSI near 77 signals that the rally may be stretched after a 43% monthly gain.
Monero Rally
XMR briefly reached its highest level since January before easing to about $525, while most major digital assets posted small daily losses. The token was still up about 43% over the month.
Monero’s market capitalization climbed to nearly $10 billion, enough to overtake Chainlink(LINK) and Cardano(ADA) and rank 13th among cryptocurrencies.
The move followed THORChain’s network upgrade, which reportedly added native support for XMR swaps and gave users another direct route into the privacy-focused asset. That new access provided a clear catalyst.
The rally also came despite Monero’s limited availability on major centralized exchanges. Binance ended services for the token in early 2024, Coinbase still does not list it, while Kraken, KuCoin and MEXC remain among the better-known platforms offering XMR. Restricted listings can limit liquidity and access.
David Gokhshtein View
In posts on X, Nebrasangooner said a break above the $410 resistance level was the key bullish trigger, while David Gokhshtein questioned how XMR had rallied so sharply without broad exchange support. Mav said the move above $500 confirmed Monero’s comeback, and Sweep called it “an absolute sleeping giant” and “the real privacy token.”
CoinGlass data also showed exchange outflows exceeding inflows over several recent days, a pattern that can reduce immediate selling pressure when holders move assets into self-custody. It does not guarantee further gains.
The main counterpoint is technical. Monero’s Relative Strength Index stood near 77, above the 70 level commonly associated with overbought conditions and a higher risk of short-term correction. Readings below 30, by contrast, are generally considered oversold.
Monero has now risen about 43% over the past month, recovering from the exchange-access shock that followed Binance’s 2024 delisting and returning to price levels last seen in January. That history leaves the breakout dependent on whether new swap access and reduced exchange supply can offset an already stretched momentum reading.
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Source: yellow.com