Monero (XMR), the leading privacy-focused Cryptocurrency, has had a remarkable performance over the past 7 days and stands out as the asset that rose the most in price, in an adverse context for the rest of the market.
The XMR price rose from $162 to $176 in a week, i.e. an increase of more than 10% and struggles to overcome a key resistance.
In the following graph TradingViewit is observed that the digital asset cannot overcome the $180 barrier.
In Cryptopedia, the educational section of CriptoNoticias, it is Bitcoin/” target=”_blank” rel=”noreferrer noopener”>explains that a resistance zone is a level or price zone that a financial asset reaches at certain times but cannot cross for various reasons. Zones can break and give rise to a new pattern of price behaviorThis is why a former support area can become a new resistance level and vice versa.
XMR price year-to-date. Source: TradingView.
The rise in the price of the digital asset is recorded after the development team announced a request for extraction Full Chain Membership Proofs (FCMP++). “The next generation of Monero privacy,” They highlighted.
A pull request It is a proposal to make changes to the project codeThat is, a developer suggests modifications and corrections, which are then reviewed and validated by other collaborators before they are integrated into the main code.
In this case, the request is to include FCMP++ which reportedly increases anonymity from 16 to 100,000,000, meaning the chances of identifying a transaction on the network and tracing those funds are reduced.
Here we are talking about the “anonymity set” within the Monero protocol. This term refers to the number of possible outputs or transactions that could have been spent when a specific input is used in a transaction. Thus, the number 16 refers to the size of the current anonymity set in Monero, where each transaction is mixed with 15 other fake outputs to hide what the real output is. The change to 100,000,000 would indicate that the anonymity set would expand to include all possible outputs on the chain (in this case, 100 million), which would drastically increase privacy.
On the social network Reddit, the users They celebrated the performance that has been taking place cartoonist and highlighted that it is a “very undervalued” asset. “The entire market fell today except for Monero,” CryptoWhale2001 added.
While Doublespeo said: “I wish more people would realize that the killer app is currency.”
Another user, identified as Kanga Magic, noted: “Monero and Ergo are the most authentic, censorship-resistant, forward-thinking cryptocurrencies out there. I hope they continue to exist!”
For his part, Dog Dan Devan, known for his cryptocurrency market analysis on X, ensures “The best indicator that the cryptocurrency bull cycle hasn’t even started yet can be seen simply by looking at Monero’s weekly chart.” He also points out that due to its focus on privacy, it is the second most used currency on the deep web.
Beyond the optimism of its community, the price of XMR is still a long way from the $517 it reached in May 2021its all-time high (ATH).
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