Monero’s token XMR surged by 51% after the token was used to swap stolen Bitcoin worth $333 million. The price of Monero’s token XMR spiked by 51% after a suspicious transfer of 3520 BTC, worth $333 million, was detected. On-chain sleuth ZachXBT alerted the crypto community on X and stated: “Shortly after the funds began to be laundered via 6+ instant exchanges and was swapped for XMR, causing the XMR price to spike 50%.”
At first, the investigators failed to find reasons for XMR’s spike, as the token reached $300+, a level it had never hit since 2021. However, later on, deeper investigations revealed that it is highly probable that the attackers were not from North Korea and that the victim was a long-term Bitcoin holder. At press time, XMR is trading at $275, with a market cap of $5 billion and trading volume of $300M in 24 hours.
XMR/USDT 1-Day Chart (Source: Tradingview)
XMR has been trading inside an ascending triangle, which is a bullish pattern, before it surged. However, as the token has touched the upper Bollinger band, it is overbought and is due for a correction. When XMR starts shedding its price, there is a high chance that the prices could fall within the ascending triangle as shown above. After falling into the ascending triangle, the token could rebound off the upper and lower trendlines before breaking out and reaching higher
Apart from the technical analysis that looks bullish, the Open Interest (OI) has been rising, and it shows that the XMR market is bullish. The OI increased from $20 million on Friday to $30 million on Monday, a new year-to-date (YTD) high. Open Interest shows the active number of unsettled contracts for an underlying derivative, and it is a major parameter to measure market liquidity.
