Monero Spikes 40%, XRP Gains Momentum with ETF News
The cryptocurrency market saw positive movement on Monday, with Bitcoin (BTC) surpassing $94,000 and the CoinDesk 20 index—which tracks the performance of the largest digital currencies—gaining 2.2% by mid-morning in Europe.
XRP led the charge among the major coins, climbing nearly 7% following ProShares’ approval by the SEC to launch three XRP futures ETFs on April 30. Other top performers included Cardano (ADA), up more than 3%, and BNB, which rose 1%. Ether (ETH) remained stable, showing no significant change.
However, the most notable move came from Monero (XMR), which surged over 40%, peaking at $371—its highest value since May 2021—before stabilizing around $264, up 15% in the past 24 hours.
XMR’s trading volume saw an extraordinary spike, jumping from a seven-day average of $50 million to over $220 million in the last 24 hours.
This dramatic price increase is likely linked to a large on-chain transaction identified by ZachXBT. A suspicious transfer of 3,520 BTC (worth $330.7 million) was reportedly converted into XMR, causing a surge in demand for the low-liquidity privacy coin.
Monero’s privacy features, based on the CryptoNote protocol, ensure that all transactions are completely untraceable and unlinkable, making it a popular choice for those valuing anonymity.
Investor Sentiment and Market Outlook
Despite positive short-term price action, traders remain cautious, with a bullish outlook tempered by macroeconomic uncertainties.
“Bitcoin has managed to stay above $92,000, supported by the Trump administration’s more lenient stance on crypto tariffs,” explained Jupiter Zheng, Partner at HashKey Capital, in a Telegram message. “This shift could encourage Bitcoin and other cryptocurrencies to grow more independently of traditional equity markets and foster innovation in the space.”
While U.S. stock futures showed mixed results—S&P 500 futures slipping 0.6% after a four-day rally—regional markets in Asia, including Hong Kong’s Hang Seng index, remained flat. Gold prices also gave back some of last week’s record-breaking gains.
