Monero is a distinguished cryptocurrency that draws the attention of crypto enthusiasts and investors. This currency has various use cases, from private business transactions to obscure illegal activities involving other utilities, thanks to its design system.
XRM is privacy-focused and a strong advocate for anonymity before usability, which is the catalyst for its steady price action over the years.
XRM cryptocurrency uses an open-source ledger that promotes ambiguity and concealment of transactions, making it the preferable digital coin for privacy-conscious users. Let’s discuss some of the Monero’s features and unveil what makes it unique.
Monero was founded in 2014 using the CryptoNote public ledger as a fork layer that supports privacy and security. Unlike Bitcoin, XRM transactions are hard to trace and hijack, which makes it highly demanded by businesses and users who prefer to keep their identities private.
The security features of Monero are powered by two main aspects: ring signatures and stealth addresses. Besides that, XRM does not use a blockchain, which makes its transactions hard to track.
These features make XRM a highly demanded crypto for businesses who want to transfer money and keep their details private and crypto enthusiasts who want to preserve their wallet addresses and information.
However, this raises some concerns since Monero is a common currency for criminals and illicit activities on the dark web and in money laundering. Since XRM transactions and wallets are obscure, criminals use these features to conduct illegal operations and activities.
Monero uses a proof-of-work mechanism with a RandomX algorithm, which means that a mildly strong computer or machine can mine Monero and get rewarded.
This way, Monero mining profitability is more distributed and is not exclusive to specialised mining farms and ASIC machines.
Monero coins fluctuated several times in 2023, but it was mostly good news for traders as the currency had two noticeable price jumps this year.
XRM started the year at $148 and surged to $177, scoring a 20% growth in one month. However, this was followed by a massive dip that dragged the price down to the previous level.
The price remained almost steady until the summer when it jumped by around 24% to $166 within 15 days. The price slowly declined with hopes to pick up some upward momentum starting from October 2023.
We analyse possible future price action using the exponential moving average indicator over three different time periods (10, 50, 200 days). Starting with comparing the 10 and the 50-day EMA, we find that by the end of September, the 10-day line started to move close to the 50-day line and crossed over it, triggering a price increase.
This movement resulted in a price increase of 4% in four days, and it keeps growing at an upward trend.
We also compared the 10-day EMA with the 200-day EMA line to predict possible future trends. We find that the blue 10-day EMA just crossed over the 200-day EMA on October 11th, promising a possible price increase over the coming days.
Monero’s price and potential fully rely on its privacy-oriented model and durability. As more cryptocurrencies face doubts and scrutiny by governmental authorities and state agencies push Bitcoin to have it regulated, Monero stands out by its security characteristics.
Therefore, it is possible that more investors and traders will prefer XRM over other cryptos, which can boost the currency’s price.
However, Monero faces some challenges from governmental bodies who consider it a risky coin. Also, many DeXes delisted XRM due to security concerns relating to using this digital coin in illicit activities.
Shall the developing team at Monero find a solution to fight the misuse? We will see in the near future as XRM price is more likely to surge over the coming years.