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Cryptocurrency News Articles
Monero (XMR) Faces Crossroads as Kraken Delisting Exposes Regulatory Concerns
Oct 03, 2024 at 02:00 pm
Kraken Exchange’s decision to delist Monero (XMR) sent shockwaves across the cryptocurrency space. Trading and deposits for Monero in the European
Kraken Exchange’s decision to eventually shut down trading and deposits for Monero (XMR) in the European Economic Area (EEA) has sent shockwaves across the cryptocurrency space. The move is set to take place before the end of October, 2024, following increasing regulatory pressure.
The decision has also impacted the price of Monero, which fell below $150 as a result of the news. This highlights the challenges that privacy-focused cryptocurrencies still face in the mainstream market.
Monero Price Drops
Monero's price has been on a rollercoaster ride in recent times. In the days leading up to the Kraken delisting announcement, XMR was trading at around $158, as it struggled to maintain its footing amid a broader bearish trend that has seen the cryptocurrency’s price drop significantly.
The news of the delisting from the exchange worsened the decline, with XMR dropping by over 10% shortly after the announcement. At the time of writing, the crypto was trading at about $144.50. Analysts are now watching to see if it can stay above the important support levels at $150 and $155, as higher drops would test even lower levels around $135.
Despite the price drops, technical indicators on lower timeframes showed a slight bullish trend. The Moving Average Convergence Divergence (MACD) showed a tiny bearish trend, while at the same time the Relative Strength Index (RSI) indicated that there is still room for upward movement in case there is increased buying pressure. However, the overall sentiment remained largely bearish with augmenting selling pressure.
Regulatory Concerns
Kraken's decision to delist Monero is part of a broader trend of increasing regulatory pressure on private coins. Authorities are concerned about the potential use of these coins for illicit purposes, which is putting pressure on exchanges to reconsider their support for such assets.
This new regulatory landscape poses challenges for Monero, as it seeks to balance its commitment to privacy with the need to comply with regulations.
Monero's unique features, such as stealth addresses and ring signatures, make it a favorite among users who prioritize anonymity in their transactions. However, this anonymity has drawn the attention of regulators, who believe it could be used to “get away with” other activities.
As exchanges like Kraken move away from privacy coins, Monero may face a choice between continuing to champion user privacy or adapting to a more regulated environment.
Future Price Predictions
Looking ahead, market observers have varying predictions for Monero's price path. Some estimates suggest that if regulatory hurdles are cleared and adoption continues to rise, then Monero might recover to reach higher price points by mid-2026, possibly hitting its all-time high of around $518.
However, others remain skeptical, suggesting that XMR might struggle to maintain its value without significant shifts in market sentiment or regulatory clarification.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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