Monero Price Update: XMR/USD dives to $44 as lead developer Riccardo “Fluffypony” Spagni steps down
- Monero’s lead developer steps down in favor of a backup maintainer role.
- Monero tests $44.00 support amidst growing selling activities in the market.
The lead developer of the privacy-oriented Monero (XMR), Riccardo “Fluffypony” Spagni steps down after five years. The announcement made this Monday said the Spagni will take up the role of a backup maintainer. His position has been filled by Snipa, a renowned contributor to the project. Spagni has for some time desired to relinquish his position as the lead developer. He once said:
“I was the lead maintainer across all the projects, and at some point last year I was like: I can’t do this.” He added, “I will always be an advocate for privacy, and for monero, a part of the monero community, but my actual responsibilities by definition need to be reduced.”
In the meantime, Monero is trading at $45.73 after correction from yesterday’s low around $44.83. Technically, the expected recovery will not come easy taking into account the MACD’s bearish cross within the negative territory. Moreover, the RSI is struggling to stay above 30, although it has corrected from levels around 20. To add sorry to the already gloomy picture is the widening gap between the 50 SMA and the 100 SMA on the 4-hour chart.
XMR/USD 4-hour chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
