Even though Monero (XMR) and other privacy coins exist under constant threat of being put under the heel by financial regulators, this particular one has been doing incredibly well lately, especially during the recent two dumps (in the first weeks of September and October), when the entire cryptocurrency market had deflated by an average of 20%.
Monero’s outstanding performance becomes evident when its price action from the past ninety days is compared to that of two leading altcoins: Ethereum (ETH) and Ripple (XRP).
XMR/ETH/XRP comparison chart
And while the altcoin market had been tumbling down, with all those overhyped DeFi coins crashing the respective uptrend structures, Monero had never left its comfortable ascending channel, though it had also retraced by 23.5% at the dawn of September, and then went on to break the said channel to the upside, along with the macro resistance at $118. Upon that, the price had briefly tested $140 but got rejected to the area of support.
Right now, XMR is traded at $124.8 on the back of the 22.5% rise against USD in the past month, though it has rolled back by 6% over the last week. Certainly, it’s nowhere near the all-time high at $594, but the progress to the upside, and the subsequent emergence of a secondary uptrend, is undeniable.