Bitcoin
BTC$70 607.24

2.03%

Ethereum
ETH$3 561.34

1.14%

Tether
USDT$0.999965

0.03%

Binance Coin
BNB$583.24

2.15%

Solana
SOL$185.45

1.48%

XRP
XRP$0.629879

2.52%

Fundamentals might drive the price of Monero higher


January 2020

Throughout 2019, Monero and other privacy-oriented coins faced significant scrutiny from different governmental agencies and regulators, especially the US Financial Crimes and Enforcement Network (FinCEN). This bureau has come up with the so-called Funds Travel Rule that required financial institutions, including cryptocurrency exchanges, to collect and share information about the money transfers that exceed $3,000.

This initiative spurred controversy and even gave rise to rumors that certain cryptocurrency exchanges were to delist XMR and other privacy coins in order to remain compliant with FinCEN’s requirements and the AML/KYC rules in general. The Swiss regulator FINMA also took a negative stance towards privacy coins. Needless to say that the “prophets” like John McAfee were constantly blabbing about the total ban of Monero.    

Nevertheless, the 10th cryptocurrency managed to deny all expectations of its looming demise and even put up a decent result in terms of performance against the three most popular currencies in this space.

As we can see, XMR ended the year in the green, being outperformed only by the most dominant cryptocurrency. That is undoubtedly the show of strength from the leading privacy coin, especially on such a negative news background, and a proof that it possesses plenty of vigor that could translate to significant gains in 2020. With the Monero Compliance Workgroup going above and beyond in its effort to prove that Monero is exempt from the Funds Travel Rule, the confidence in this coin should remain high, as confirmed by the steadily increasing number of transactions in that blockchain.

This year could prove to be very exciting for this coin as the Monero Research Lab published a proposition regarding the implementation of Triptych, a linkable ring signature that scales logarithmically instead of linearly, thus allowing for the radical increase in ring size. In simpler terms, with the introduction of Triptych, Monero could receive a drastic boost to its anonymity, which will surely increase the demand for this coin, thus its price.

XMR’s current price behavior and prospects in the near future


Taking a brief look at Monero’s price over the course of 2019, it is evident that it had been moving in an almost textbook-perfect bearish trend, making a series of lower-highs and lower-lows within the descending corridor.

But come January 2020, XMR showed signs of a breakthrough that could signify the inception of a trend reversal. Over the last seven days, the coin recorded the impressive 28% gains, which is the best showing among the other top 10 cryptocurrencies.

On the daily chart in the XMR/USDT pair, the price has been moving in strides, having put up three big green candles and pushed XMR to the resistance at $60.

Monero displayed an equal aggressiveness against Bitcoin on a daily chart, although in that case, it was the recovery to a previous support level after a dip, without any significant boosts in the trading volume.

However, such a strong impulse should be followed by a cool down, which should begin soon, as the RSI and Stochastic oscillators on a daily chart of XMR/USDT clearly show.

That is a textbook signal of the impending price decrease, though it could be a slight one since other indicators, such as the 9-day Hull Moving Average and 10-day SMA and EMA are suggesting going long on XMR.

The next seven days are going to be crucial for Monero, as we will find out whether this breakout turns out to be a true or a false one. Should XMR establish the support at $55 or break through the $60 line, we could witness more gains. Otherwise, the bears are likely to steal the initiative again.

Author: Alex Paulson for Crypto-Rating.com

Related

Monero Price Prediction for 2025 and 2030: Privacy as the Main Driver and the Main Obstacle for Price Appreciation
Monero Price Prediction for 2025 and 2030: Privacy as the Main Driver and the Main Obstacle for Price Appreciation
Monero (XMR): In a Countertrend to the Altcoin Market
Monero (XMR): In a Countertrend to the Altcoin Market
Monero (XMR): Maintains the Uptrend Despite the Odds
Monero (XMR): Maintains the Uptrend Despite the Odds
Monero (XMR): The Bulls Came With Response to Last Week’s Price Dump
Monero (XMR): The Bulls Came With Response to Last Week’s Price Dump
Monero (XMR): The End of Close Correlation With Bitcoin?
Monero (XMR): The End of Close Correlation With Bitcoin?
Monero (XMR) Maintains Bullish Stance Despite the Odds
Monero (XMR) Maintains Bullish Stance Despite the Odds
Monero: a Prime Time for Privacy Coins
Monero: a Prime Time for Privacy Coins
Monero Is Going Into the Deeper Red
Monero Is Going Into the Deeper Red
Monero (XMR): Retracement or Trend Reversal?
Monero (XMR): Retracement or Trend Reversal?

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 75.6% 43 $70 607.24 2.03% 5.83% $1 388 617 170 966 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 76.4% 48 $3 561.34 1.14% 1.15% $427 616 397 332 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $0.999965 0.03% 0.02% $104 450 557 345 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 65.2% 79 $583.24 2.15% 3.78% $87 215 437 052 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 56.8% 89 $185.45 1.48% -0.21% $82 394 904 357 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 82.4% 31 $0.629879 2.52% -1.42% $34 570 449 990 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 94.4% 2 $0.999918 -0.02% -0.01% $32 225 189 704 USDC 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 65.6% 68 $0.218594 18.03% 39.45% $31 402 035 656 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 68.8% 67 $0.653594 2.59% 1.65% $23 255 837 326 ADA 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 56% 88 $54.51 1.26% -1.95% $20 574 426 056 AVAX 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 56.8% 94 $0.000032 5.70% 13.48% $18 700 268 155 SHIB 7 days price change
12 Toncoin (TON) TON Toncoin predictions 58.4% 88 $5.04 0.27% 21.77% $17 480 637 001 TON 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 70.4% 52 $9.49 0.17% 0.48% $13 543 252 177 DOT 7 days price change
14 Bitcoin Cash (BCH) BCH Bitcoin Cash predictions 70.4% 60 $576.03 7.00% 37.12% $11 337 288 440 BCH 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 74.4% 42 $19.30 0.33% 3.33% $11 331 417 648 LINK 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.