Monero Price Recovery: XMR Found Support Above $54

Monero suffered a huge fall in price when BTC fell as well and dragged the whole crypto market down.

But despite the massive volatility of the crypto market, the interest in Monero is still on the rise, and BTC also gathered more attention this year.

The optimistic crypto predictions continued to pop up in the space, as well.

Monero (XMR) finds support above $54

The cryptos are slowly recovering after the last fall, and XMR is no exception.

At the moment of writing this article, XMR is trading in the green on CMC and it’s placed on the 13th spot.

The privacy-oriented coin is trading above $54, and it’s priced at $54.52.

It’s also worth noting that Monero has given a good return to investors in the past and traders are expecting the same kind of return in the future.

CryptoNewsZ online pubcalition says that the coin’s price will surge even more and give a positive return once again.

They also mentioned that long-term investment is recommended for interested traders.

This year, interest in Monero has been on the rise, and as Riccardo Spagni highlighted the importance of privacy in the crypto space, more crypto enthusiasts seemed to understand this and chose XMR as an investment option.

Monero upgrades the network to RandomX

On November 30, Monero has successfully upgraded the network to RandomX.

As you probably already know, the Monero developers have come up with the idea of a new PoW algorithm RandomX. This uses random code execution together with memory-hard techniques to be ASIC-resistant.

The Monero Community Workgroup did a live stream on YouTube before the upgrade took place.

Spagni also addressed the upgrade and said that RandomX is the way forward.

We recommend that you check out the video above because, in it, you will find out lots of interesting things related to this upgrade.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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