Monero Price Prediction 2024: XMR Price Analysis
What's next for Monero?
Key Takeaways
- The LocalMonero trading platform announced its closure on May 7.
- How will this news affect Monero’s XMR coin?
- XMR has outperformed a bearish market in recent days.
- One Monero price prediction says it may reach more than $300 next year.
A peer-to-peer (P2P) trading platform specializing in privacy-focused cryptocurrency Monero has ceased its operations with immediate effect, adding to a recent trend of closures and crackdowns within the crypto privacy sphere.
LocalMonero declared on May 7 that all new user registrations and advertisement placements for Monero (XMR) trades would be suspended, followed by a complete halt to trading activities for the privacy-centric digital asset on May 14.
The company attributed its decision to shut down to a blend of internal and external factors, though it refrained from divulging specific details. However, it did acknowledge the growing antagonism towards products and services emphasizing user privacy as a significant influence behind the move.
However, when the market fell in early September 2024, XMR was one of the few cryptocurrencies to go up.
On Sept.4 , Monero was worth about $174.05.
Monero did not respond to a request for comment.
Let’s take a look at our Monero price predictions, made on Sept. 4 2024. We will also examine the Monero price history and talk a little about what Monero is and what it does.
Monero Price Prediction
Let’s examine some of the Monero price predictions CCN made on Sept. 4, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate.
| Minimum XMR Price Prediction | Average XMR Price Prediction | Maximum XMR Price Prediction | |
|---|---|---|---|
| 2024 | $81 | $150 | $200 |
| 2025 | $130 | $250 | $300+ |
| 2030 | $250 | $500 | $700+ |
Monero Price Prediction 2024
In 2024, Monero’s price will be shaped by its current downtrend and potential breakout above $180 resistance. If the downtrend continues, the price could fall further. However, a successful breakout could signal the start of a new bullish phase.
Monero Price Prediction 2025
By 2025, Monero could see a stronger upward trend after completing its current correction. If it breaks resistance and gains momentum, increased adoption and market support could drive significant price growth.
Monero Price Prediction 2030
By 2030, Monero’s price will likely be driven by its role as a privacy-focused cryptocurrency. Continued adoption and demand for privacy could push the price higher, especially if market conditions are favorable and regulatory challenges are addressed.
It has the potential to reach new all-time highs, although its price will depend on overall market conditions and regulatory developments.
Monero Price Analysis
Since early 2024, Monero (XMR) has lagged behind the broader crypto market. Its price moved sideways from June 2022 until late December 2023, peaking at $180 before entering a 45% downtrend to $100 in February.
It recovered to $152 by March 9 and fell to $105 in April. After another attempt at resistance in June, the price hit a higher low at $136 on August 5, suggesting potential for an upward breakout.
If Monero breaks above $180, it could signal the start of a major bullish phase.
Short Term Monero Price Prediction
The Monero price prediction for the next 24 hours suggests a downturn that could, in the longer-term, see it drop as low as $131. This is because the rise since August 5 shows a five-wave pattern nearing completion. With resistance close, a breakout seems unlikely for now.
However, once that happens, there is the definite possibility that it could recover and reach new heights next year.
Monero Relative Strength Index (RSI): Is XMR Oversold or Undersold?
The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above and below the 50 line also indicate if the trend is bullish or bearish. On Sept. 4, 2024, the Monero RSI was at 64, indicating that it was not quite overbought.
Monero Average True Range (ATR): XMR Volatility
The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days. A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility. Since ATR values can be higher for higher-priced assets, normalize ATR by dividing it by the asset price to compare volatility across different price levels. On July 2 2024, Monero’s ATR was 7.8, suggesting average-to-high volatility.
Monero Price Performance Comparisons
Monero is a so-called Privacy Coin. Let’s take a look at some similar cryptocurrencies to see how they’ve done in comparison.
Best Days and Months to Buy Monero
We took a look at the Monero price history and found the times when the price was at its lowest across certain days, months and even quarters in the year, indicating the best times to buy XMR.
| Day of the Week | Friday |
| Week | 35 |
| Month | August |
| Quarter | Third |
Advantages and Disadvantages of Monero
CCN’s Senior Research Analyst Toghrul Aliyev took a deep dive into Monero and found the following advantages and disadvantages.
Advantages of Monero
- Ultimate Anonymity: Monero’s strong privacy features prompted the IRS to offer a $625,000 bounty for cracking privacy coins. Although Chainalysis and Integra FEC won this bounty, they did so by developing blockchain analysis tools rather than breaking Monero’s encryption. Additionally, despite claims from CipherTrace , tracking Monero transactions remains largely unproven.
- Transparency and Security: Since Monero is open source , its code is available for anyone to review, audit, and contribute to. This transparency allows the community to identify and fix vulnerabilities quickly, enhancing overall security. Additionally, it fosters trust among users, as they can independently verify that the code functions as intended without hidden backdoors or malicious components.
- Ethical Development: Monero developers show a high level of ethical responsibility. They make modest funding requests and choose to patch major bugs instead of exploiting them .
- Accessible and Decentralized Mining: Monero’s RandomX algorithm supports mining with standard consumer-grade CPUs. Its ASIC resistance prevents the concentration of mining power among those who can afford specialized hardware.
- Adaptive Block Size : Monero’s adaptive block size mechanism allows the block size to dynamically expand up to 300,000 bytes without penalty. This flexibility ensures the network can handle increased transaction volumes efficiently, maintaining low fees and preventing delays.
- Cheap Transaction Fees : Monero has low transaction fees, with an average of around $0.05 over the past three years.
Disadvantages of Monero
- Regulatory Issues: Major exchanges like Binance, Huobi , and Kraken have delisted Monero, and countries such as South Korea , Japan , Dubai , and Australia have imposed restrictions. Amid these regulatory challenges, LocalMonero , one of the biggest platforms for trading Monero peer-to-peer, also shut down, further limiting accessibility.
- Mining Pool Concentration : Monero has a significant concentration of mining power, with two pools, Nanopool and SupportXMR, controlling 73.67% of the network as of early July 2024. Although a single pool cannot control how 223 nodes inside behave, and coordinated collusion is unlikely, the risk remains.
- Illicit Activity Concerns: Monero is increasingly favored by criminal organizations , particularly on darknet markets and for ransomware payments. For example, White House Market and AlphaBay , prominent darknet markets, have adopted Monero to reduce transaction traceability. It has also become the preferred currency for money laundering and transactions involving child sexual abuse material (CSAM) vendors .
- Heightened Scrutiny for Buyers: Due to Monero’s association with illicit activities, anyone who buys XMR on exchanges often faces heightened scrutiny. The first assumption tends to be involvement in criminal activity rather than legitimate investment or participation in privacy-focused transactions. It is logical that exchanges still allowing the purchase of XMR might report these buyers to authorities, assuming they may use these assets for criminal activities in the future.
- Slow Transaction Processing: On average, Monero blocks are mined every 2 minutes. After a transaction is initiated, it takes around two minutes for it to be included in a block. However, the transaction requires 10 confirmations to be fully verified and spendable, which takes about 20 minutes in total.
- Complex Wallet Management: Managing Monero wallets can be complex, especially for non-technical users. The need to understand different types of addresses (standard, integrated, subaddresses) and payment IDs can be confusing.
Monero Price History
Following that, let’s now take a look at some of the key dates in the Monero price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Monero price prediction.
| Time period | Monero price |
|---|---|
| Last week (Aug. 28 2024) | $160.17 |
| Last month (Aug. 4 2024) | $153.91 |
| Three months ago (June 4 2024) | $160.02 |
| One year ago (Sept. 4 2023) | $143.77 |
| Five years ago (Sept.4 2019) | $74.91 |
| Launch price (May 22, 2014) | $1.5894 |
| All-time high (May 7, 2021) | $517.62 |
| All-time low (Jan 14, 2015) | $1.5894 |
Monero Market Cap
The market capitalization, or market cap, is the sum of the total number of XMR in circulation multiplied by its price. On July 9, 2024, Monero’s market cap was $3.2 billion, making it the 25th-largest crypto by that metric.
Monero Supply and Distribution
| Supply and distribution | Figures |
|---|---|
| Total supply | 18,446,744 |
| Circulating supply (as of Sept. 4 2024) | 18,446,744 (100% of total supply) |
From the Whitepaper
In its technical documentation, or whitepaper , Monero says: “Monero is a decentralized cryptocurrency, meaning it is secure digital cash operated by a network of users. Transactions are confirmed by distributed consensus and then immutably recorded on the blockchain. Third-parties do not need to be trusted to keep your Monero safe.”
Monero (XMR) Explained
One of the biggest selling points of crypto is its private nature. The idea is that the blockchain would help users carry out their business in private.
However, there have been some concerns that, with a bit of detective work, people can track down who owns what address.
Monero is designed to address these concerns. The blockchain, which was formed as a spin-off from the Bytecoin network in 2014, uses techniques that mean that no one can tell where a transaction has originated from or where it is being sent to.
While the system’s advocates argue that it is doing nothing wrong, Monero has been accused of facilitating money laundering and helping fund terrorist activity.
The XMR coin supports the blockchain. Monero is based on the CryptoNote whitepaper, published by pseudonymous author Nicolas van Saberhagen in 2013.
How Monero Works
Monero uses a Proof-of-Work consensus mechanism. This means people have to solve increasingly complex mathematical equations to add blocks to the blockchain and earn rewards.
The system uses “one-time ring signatures” to make sure that transactions remain untraceable. Stealth addresses allow users to set up one-off wallet address which, again, stop transactions tracing.
With features like these, it is perhaps little surprise that the authorities have raised their concerns about XMR and that some of the largest centralized crypto exchanges, such as Coinbase, do not list it.
User can utilize XMR to pay for transactions on the platform. It’s also a way to reward the system’s miners. It can also be bought, sold, and traded on some exchanges although, as we have said, some exchanges do not offer it, citing legal concerns.
Is Monero a Good Investment?
Monero’s XMR crypto has been the subject of a lot of scepticism. Concerns surrounding it facilitating illegal activities has seen it made not available from some major exchanges. And, to some people, it might look like the only reason someone might buy the coin is to take part in something that is not entirely within the law. This could have implications when we consider the ongoing, often-warranted, crackdown on crypto.
On the other hand, the coin has performed comparatively well over a time period where the market has tumbled. As always, it is vital that you do your own research.
Will Monero go up or down?
No one can really tell right now. While the price forecasts are, at least in the longer-term, bullish, price predictions may be wrong. Remember, too, that prices can, and do, go down as well as up.
Should I invest in Monero?
Before you decide whether or not to invest in Monero, you will have to do your own research, not only on XMR but on other, similar, coins and tokens, such as ZCash (ZEC) and DASH.
Ultimately, though, this is a decision you will have to make for yourself. Before you do so, it is vital that you never invest more money than you can afford to lose.
*Additional analysis by Nikola Lazic*
FAQs
Can Monero reach $1,000?
It could do, but not at any point before the early 2030s, according to our analysis.
What is Monero used for?
Monero’s XMR coin is used to help transactions on the Monero blockchain. It is also given to the system’s crypto miners.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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