XMR, the token powering the privacy-focused Monero network, has emerged as today’s top gainer with a 4% rise, bucking the broader crypto market decline.
The rally comes even as Kraken, one of the world’s largest exchanges, temporarily froze deposits for the token after AI-based protocol Qubic claimed it had gained majority control of the Monero network.
XMR Network Turmoil: Qubic Claims Majority Control, Kraken Responds
On August 14, Qubic, an AI-driven crypto mining protocol, claimed it had gained majority control of Monero’s hashing power, an event commonly referred to as a 51% attack.
Following this, Kraken confirmed that it paused deposits for the altcoin. The exchange described the move as a precautionary measure to protect users, while stressing that XMR’s trading and withdrawals remained fully operational.
The suspension was lifted hours later, though deposits now require 720 confirmations before crediting.
XMR Defies Centralization Fears, Records Gains
XMR’s performance has remained strong despite concerns over mining centralization within the Monero network. Readings from the XMR/USD daily chart show that the altcoin has closed at a new high since August 16, indicating that the current drama has fueled a resurgence in new demand for XMR.
XMR’s climbing Relative Strength Index (RSI) reflects this uptick in buy-side pressure. As of this writing, this key momentum indicator is at 56.49 and in an upward trend.
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The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.
XMR’s RSI reading signals that accumulation is strengthening among market participants, which could drive further price rallies if the trend persists.
Furthermore, the recent positive crossover in Monero’s Moving Average Convergence Divergence (MACD) supports this bullish outlook. Daily chart readings show the MACD line (blue) crossing above the signal line (orange) for the first time since July 19, a shift that signals the beginning of an uptrend.
This crossover indicates that XMR’s short-term momentum has flipped in favor of buyers, suggesting growing strength in the current trend. Historically, such moves precede sustained rallies, as traders interpret them as confirmation that bullish demand is returning after a period of consolidation or decline.
XMR Climbs in Confidence—Next Stop $325 or Back to $270?
These indicators suggest that XMR is entering a renewed phase of market confidence despite Monero’s network centralization concerns. If this continues, it could push the token’s price past the $302.74 resistance mark and toward $325.13.
However, XMR risks shedding recent gains and falling to $270.86 if demand craters.
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