It looks like our previous Monero price prediction came true once again. As we had predicted, Monero would go back to its US$15 value very soon, which is exactly what happened overnight. In fact, one XMR is worth US$15.31 at the time of writing, which is quite an impressive gain.

A Very Good Day For Monero, But Will it Last?

Looking at the price charts, it is evident Monero is going through a bullish period for the time being. With a 6.84% gain in value over the past 24 hours, reaching the US$15 value turned out to be much easier than anticipated at first. That is a positive development for everyone who owns XMR as part of their portfolio, that much is certain.

The value per XMR has fluctuated quite a bit over the past 24 hours. Prices ranged from US$13.44 to US$16, which is quite a margin. Traders can always make a good profit from selling at a high value and buying back in cheaper. In fact, it appears the Monero market seems to lend itself perfectly for this type of trading activity.

Considering how XMR reached US$16 already in the past 24 hours, the question becomes whether or not this price point can be reached once again. With the USD trading market surpassing US$1m in volume once again, that is certainly possible. Considering Monero generated “only” US$385,000 worth of volume two days ago, it appears traders are warming up to XMR once again.

That being said, Monero continues to rely on the Bitcoin market for the majority of its volume. Things are evolving in the right direction in this regard, as XMR is traded at a value of 0.01191 BTC right now. With a 5.59% gain over the past 24 hours, future value increases are on the horizon. If this trend materializes successfully, XMR will be traded at US$16 and more in the next 24 hours.

Header image courtesy of Shutterstock

Tags: , ,

Leave a Reply

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.