Monero Explodes Higher by 40% as XRP Drives Gains Across Top Coins

XMR Soars 40% Amid Crypto Market Gains, XRP Rallies on ETF Approval

Crypto markets saw an uptick on Monday, with Bitcoin (BTC) climbing above $94,000 and the CoinDesk 20, which tracks the performance of the largest cryptocurrencies, gaining 2.2% by mid-morning European time.

XRP led the major cryptocurrencies, gaining nearly 7% after ProShares received SEC approval for three XRP futures ETFs set to go live on April 30. Other notable performers included Cardano (ADA), which rose more than 3%, and BNB, which added 1%. Ether (ETH), however, held steady without significant movement.

However, the biggest surprise was Monero (XMR), the privacy coin, which surged by over 40%, reaching a high of $371—its highest level since May 2021—before pulling back slightly to around $264, up 15% over the past 24 hours.

Trading volumes for XMR skyrocketed, jumping from a seven-day average of $50 million to more than $220 million in the past 24 hours.

This surge in activity is likely linked to a potential exploit, with on-chain analyst ZachXBT identifying a suspicious transfer of 3,520 BTC (valued at $330.7 million) that was subsequently swapped into XMR. The sudden demand for the relatively illiquid asset led to the sharp price spike.

Monero, which operates on the CryptoNote protocol, remains one of the most secure privacy coins, offering fully untraceable and unlinkable transactions.

Market Sentiment and Economic Uncertainty

Market sentiment remained cautiously optimistic as traders held a near-term bullish outlook, despite ongoing macroeconomic uncertainties.

“Bitcoin has stayed within a stable range above $92,000, buoyed by softer crypto tariff policies from the Trump administration,” said Jupiter Zheng, Partner at HashKey Capital, via Telegram. “This more favorable regulatory environment could allow Bitcoin and other cryptocurrencies to grow independently of traditional equity markets, fueling innovation and development.”

U.S. equities showed mixed performance on Monday, with a regional index rising 0.6%, while S&P 500 futures dropped by 0.6%, signaling a potential end to a four-day rally. Gold also retreated from its recent record highs, and major Asian indices, including Hong Kong’s Hang Seng, were flat.