Monero rallied by over 20% in the last 24-hours.
Speculation is rife that upcoming regulations in the U.S or Russian sanctions are behind the pump.
If bulls sustain momentum, Monero could break $250 in the short term.
Monero (XMR) is one of the world's best cryptocurrencies when it comes to privacy. Monero uses a ring signature approach to sign transactions, which means multiple signers are brought together to authorize a transaction randomly.
For this reason, no one can trace transaction addresses, balances, or transaction histories. For this reason, Monero coins are fungible, which means that all coins are interchangeable, and none can be blocked.
In the past 24-hours, Monero has rallied by over 20%, making it one of the best performers of the day.
Why is Monero rallying?
There is growing consensus among investors that the U.S is about to introduce a raft of regulations that could affect the use of cryptocurrencies. This has seen users turn to privacy coins since transactions cannot be traced.
There is also speculation that Russians could turn to privacy coins due to the sanctions on the Russian financial system. Monero is perfect for this role because it is private by default, which means Monero coins cannot be sanctioned.
Monero eases up after 20% rally
In the last 12-hours, Monero's upside momentum has eased up. However, Monero bears have been unable to erase the gains that were made in the first hour of the day. This indicates that the price drop is due to profit-taking, and the overall momentum remains bullish.
If bulls regain control and push Monero through the 24-hour high of $207.8, prices above $215 could be tested in the short term.
On the other hand, if bears gain momentum and push Monero through the day's support at $169.65, prices below $150 could be tested in the short term.
Monero rallies as a combination of upcoming U.S crypto regulations and Russian sanctions favor privacy coins. While Monero's price has eased up due to profit-taking, the overall momentum remains bullish.