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Monero: This is why XMR price is outperforming privacy cryptos

  • Monero price breaks out in a double-digit price rally in response to hard fork plans for July 2022. 
  • Monero has outperformed other privacy coins as it prepares for its fifteenth software version upgrade through the July hard fork. 
  • Analysts believe Monero price could double in the short term, breaking out of its four-year downtrend.  
Monero: This is why XMR price is outperforming privacy cryptos
Ekta MouryaEkta MouryaFXStreet

Monero’s hard fork is scheduled to occur in July 2022, and the privacy protocol is on track for a trend reversal. Analysts have revealed a bullish outlook on Monero price. 

Monero price rally could continue on one condition

Monero, one of the leading privacy-focused cryptocurrencies, has announced plans for a hard fork in July 2022. The hard fork would launch the fifteenth version of Monero with improved security in the network and fee changes. 

Developers behind Monero confirmed the announcement in a GitHub post. Monero will deploy the testnet in May 2022. No new asset would be issued after the hard fork, at a block height of 2,668,888. 

Post the hard fork, previous versions of Monero would be rendered invalid, and the fifteenth version would be the only relevant one for users. 

Since Monero offers users higher privacy than other cryptocurrencies and its transactions are difficult to trace and track, XMR has witnessed higher adoption and utility. Post the hard fork; there would be improvements in the multiple signature mechanism. The bulletproof+ upgrade will ensure transactions don’t contain false information on the Monero blockchain. 

Analysts have evaluated the Monero price trend and predicted a rally in the privacy-focused coin. @Hayess5178, a pseudonymous crypto analyst, has a bullish outlook on Monero. The analyst has predicted a 2x rally in Monero price in the short term since the cryptocurrency broke out of its 4-year long downtrend. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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