“`html

Monero’s price has been on an upward trajectory for the past three days, reaching its highest level since April 2022. Known as the largest privacy-focused cryptocurrency, Monero (XMR) has seen a remarkable jump to $216.3, marking an impressive 110% increase from its lowest point in 2024. Over the past 12 months, Monero has also outperformed major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

Impact of Tornado Cash Ruling on Privacy Coins

A recent legal decision involving Tornado Cash has been a key driver behind Monero’s price rebound. In late 2024, a judge determined that the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) made an error when imposing sanctions on Tornado Cash. The Fifth Circuit Court of Appeals ruled that autonomous smart contracts could not be classified as “property,” as argued by the government. Furthermore, the court noted that immutable smart contracts running Tornado Cash were not subject to ownership or control, making them exempt from the International Emergency Economic Powers Act.

These developments led the Treasury Department to lift sanctions on Tornado Cash, making it accessible to U.S. citizens again. This ruling has positively impacted privacy coins like Monero, which are often scrutinized for their ability to facilitate anonymous transactions. As a result, privacy-focused cryptocurrencies have gained renewed attention and optimism in the market.

Privacy Coins and Exchange Listings

The scrutiny around privacy coins has caused many major exchanges to delist Monero and similar tokens. Platforms such as Binance, Kraken, OKX, Coinbase, and HTX have removed Monero from their listings over the past few years. Consequently, most trading activity for Monero now occurs on smaller exchanges like MEX, KuCoin, and Bitfinex.

With the Tornado Cash ruling in mind, there is speculation that some exchanges may reconsider their stance and potentially re-list privacy coins like Monero. This optimism has also benefited other privacy-focused cryptocurrencies such as Dash, Zcash, and Horizen, all of which have seen price increases recently.

Monero Price Technical Analysis

Technical analysis of Monero’s price indicates a steady uptrend over the past few months. The weekly chart shows that Monero has climbed from a low of $102 in February last year to its current level of $215. The coin remains above the 50-week Exponential Moving Average (EMA), signaling bullish market sentiment.

Additionally, Monero has formed an ascending channel pattern alongside a small doji candlestick. Indicators such as the Stochastic RSI and Momentum oscillator are pointing upward, suggesting further potential growth.

If Monero breaks above the upper side of its ascending channel, its price could rise further, potentially reaching $290, a level last seen in April 2022.

Tips for Beginners Interested in Privacy Coins

For those new to investing in privacy-focused cryptocurrencies like Monero, consider the following tips:

  • Understand the Risks: Privacy coins are often subject to regulatory scrutiny, which can impact their availability and price stability.
  • Choose Reliable Exchanges: Since many mainstream platforms do not list privacy coins, opt for reputable smaller exchanges such as KuCoin or Bitfinex.
  • Monitor Legal Developments: Keep an eye on court rulings and regulatory updates, as these can significantly influence market sentiment.
  • Diversify Your Portfolio: Avoid putting all your investments into one coin; consider exploring other privacy-focused tokens like Dash or Zcash.

Monero’s recent price surge highlights the importance of keeping track of legal and regulatory changes in the cryptocurrency space. As privacy coins gain traction, investors should stay informed and carefully evaluate market conditions before making any financial decisions.

“`

Post Views: 5