Monero (XMR) Gains Traction Amid Increased Privacy Demands

The privacy coin, Monero (XMR), is seeing increased adoption and network updates that give it a boost. As surveillance increases and regulations become more and more restrictive, interest in using a private utility like Monero has grown.

Privacy coin Monero (XMR) continues to attract attention with increasing adoption and network updates. Interest in using a private utility like Monero has grown as surveillance and regulations increase.

The new Rust-based Monero node, called Cuprate, has brought several improvements, including faster syncing times. This makes it easier for users to run full nodes, enhancing the network's security.

Due to its privacy features, Monero is widely used in e-commerce. More businesses are accepting XMR for payments, such as a hotel in Georgia. On average, Monero processes around 20,000 transactions daily.

The updated Concise Linkable Spontaneous Anonymous Group (CLSAG) signatures have replaced the older system, improving transaction efficiency and verification speed by saving blockchain space.

CLSAG also enhances signature verification while reducing the size of typical transactions. To date, there have been no known security risks in CLSG, and updates are being made to improve its security proofs.

A variant of CLSAG, called d/v-CLSAG, is being worked on by the Zano team. This variant aims to support the different types of transactions while maintaining the security guarantees of the original design.

In terms of price, XMRUSD pared some of its gains after forming a minor bottom at $190.43. However, any daily close above $250 would confirm further bullishness.

The pair is seen holding well above the short-term (34 and 55 EMA) and long-term moving average. It hit a high of $239.62 at the time of writing and is currently trading around $223.99.

On the lower side, the near-term support is at $190. Any break below targets $140/134/$115, while a breach of $100 would signal a significant downtrend.

On the upside, the immediate resistance stands at around $250. Any breach above confirms bullish continuation, with a jump to $300 being possible. A surge past $300 will take it to $342/400.

As an investment strategy, one could consider buying on dips around $180 with a stop loss around $140, targeting profits of 258/258/300.