Monero (XMR) 50% Price Spike Linked to $330 Million Bitcoin (BTC) Transfer
Jakarta, Pintu News – Monero (XMR), a cryptocurrency that focuses on privacy and security, recently experienced a significant price spike. In a short period of time, the Monero price jumped by 52%, reaching a four-year high. This increase occurred after Monero managed to maintain price support in the range of $220-$230, and then surged towards the $340 resistance, even touching $347. This rise caught the attention of many, including analysts and on-chain detectives.
The Cause of the Spike: Suspicious Bitcoin Transfers
ZachXBT, a leading on-chain detective, attributed the Monero price spike to suspicious Bitcoin transfers. According to him, there was a transfer of 3,520 BTC, worth about $330.7 million, on the night before the price spike. The funds were reportedly laundered through more than six instant exchanges and converted into Monero (XMR).
Analysis of Monero’s timing and price spikes showed a strong correlation between the two events. ZachXBT also alluded to the possibility that the stolen Bitcoins came from the Bitstamp hack in 2014, but that idea was debunked.
He is more inclined to believe that the victims are existing Bitcoin holders who may have fallen victim to social engineering. In addition, he points out that the $330 million in Bitcoin was moved and transferred in small amounts to instant exchanges, resulting in huge losses due to transaction fees.
Also Read: XRP Surges to $2.32: Can it Survive Crypto Whale Selling Pressure?
Monero Price Analysis and Predictions
Since the price spike, Monero has seen a decline of about 25% from the day’s high, with trading in the $250-$260 range. Crypto analyst, Rekt Capital, noted that Monero managed to retest low support in the $214 range as support amid the market recovery. Monero has been moving in a price range of $112-$214 since 2022, and managed to break the resistance of that range after the US general election.
After the third quarter rally of 2024, Monero entered the key range of $214-$286, which previously served as a key support and resistance area. After breaking the upper limit of the range, the cryptocurrency surged to an all-time record high in 2018 of $542 and a 2021 high of $480. If history repeats itself and the Monero price maintains its current range, the cryptocurrency could be set to surge above $300.
The Future of Monero
Despite the price spike driven by the alleged money laundering, analysts remain confident that Monero has “repeated the history of early 2021,” where the token managed to reclaim its range and test its lower limit before surging to the top of the cycle. With market conditions continuing to improve, Monero will probably continue to attract attention as a promising investment option in the volatile crypto world.
Also Read: Is Bitcoin Miner’s Sales Hold a Good Sign?
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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.
Reference
- NewsBTC. Monero (XMR) Price Jumps 50% Amid Suspicious $330 Million BTC Transfer Details. Accessed on April 29, 2025
- Featured Image: Forkast News
