Monero surged 43% in one month to $525 following THORChain's network upgrade enabling native XMR swaps, though RSI at 77 suggests potential overbought conditions.
DeFi & Yields ·
Monero rallied nearly 43% over the past month to around $525, becoming the 13th-largest cryptocurrency by market cap and reaching its highest price since January. The surge was primarily driven by THORChain's network upgrade, which introduced native support for XMR swaps, while breaking above the $410 resistance level served as a key bullish catalyst. The move is notable given that XMR remains unlisted on major exchanges including Binance and Coinbase, trading only on platforms such as Kraken, KuCoin, and MEXC.
Recent exchange data indicates a potential continuation of upward momentum, with investor outflows from centralized platforms exceeding inflows over recent days—a shift that reduces immediate selling pressure by moving holdings to self-custody. This technical signal aligns with commentary from market observers who view the asset's breach above $500 as confirming a sustained recovery phase.
However, the asset's RSI stands at approximately 77, a reading above the 70 threshold that typically signals overbought conditions and increased likelihood of correction. Whether XMR sustains its gains or retraces in the near term remains uncertain.