Monero Price Prediction 2024: What Now for XMR After LocalMonero Closure?
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?
- One Monero price prediction says it may reach $493.89 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.
Monero did not respond to a request for comment.
How does Monero work? Let’s take a look and see what we can find out, and also look at some of the Monero price predictions that were made on May 9, 2024.
Monero Price Prediction
Let’s examine some of the Monero price predictions being made on May 9, 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. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
| 2024 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $284.18 | $335.77 | $973.35 |
| Prediction #2 | $363.92 | $493.89 | $1,143.76 |
| Prediction #3 | $181.84 | $275.15 | $1,720 |
First, CoinCodex had a short-term Monero price prediction that said the token would drop to $122.55 on May 14 before recovering somewhat to reach $134.65 on June 8. The site’s technical analysis was neutral, with 13 indicators sending bearish signals and 15 making bullish ones.
Monero Price Prediction for 2024
DigitalCoinPrice said that XRM could reach $284.18 this year. Bitnation claimed the token could be worth $363.92 at that time. PricePrediction.net argued it would be worth $181.84 in 2024.
Monero Price Prediction for 2025
Moving on, DigitalCoinPrice said that Monero would be worth $335.77 next year. Bitnation’s Monero price forecast had it reach $493.89 then. PricePrediction.net said XMR would trade at $275.15 in 2025.
Monero Price Prediction for 2030
Looking at a more long-term Monero price prediction, DigitalCoinPrice said that the token would trade at $973.35 in 2030. Bitnation thought it would reach $1,143.76 that year. PricePrediction.net’s XMR price prediction said it would be worth $1,720 at the start of the next decade.
Google BardAI Price Prediction for Monero (as of May 9)
Google’s BardAI platform gave the following price prediction for Monero on May 9. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.
Please remember that the exact price prediction of an asset or cryptocurrency in the future is near impossible to to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.
Short-Term (Next Three Months):
- Expected Price: $146.20
- Reasons:
- Overall cryptocurrency market sentiment: Bullish sentiment could push prices up, while bearish sentiment could lead to a decline.
- Regulations: Upcoming regulations or crackdowns on privacy coins like Monero could negatively impact its price.
- Technological advancements: Innovations or upgrades to the Monero network could attract more users and boost its value.
- Adoption and usage: Increased adoption by businesses or individuals could drive the price up.
Medium-Term (Next Six Months):
- Expected Price: $219.97
- Reasons:
- Overall cryptocurrency market trends: The performance of Bitcoin and other major cryptocurrencies often impacts Monero’s price.
- Regulations and legal landscape: Regulatory changes or crackdowns on privacy coins could negatively affect Monero’s price.
- Development and adoption: Positive developments within the Monero ecosystem and increased adoption could drive the price up.
- Unexpected events: Unforeseen events like hacks, major news stories, or global economic shifts can significantly impact cryptocurrency prices.
Long-Term (Next Five Years):
- Expected Price: $822.10
- Reasons:
- Regulation: Regulatory changes from governments around the world could significantly impact cryptocurrency adoption and usage, potentially affecting Monero’s price.
- Adoption and Use Cases: Increased adoption and use of Monero for legitimate purposes could drive up demand and price.
- Competition: Other privacy-focused cryptocurrencies could compete with Monero for market share, impacting its price.
- Overall Cryptocurrency Market: The overall health and performance of the cryptocurrency market can significantly influence Monero’s price.
Recent Updates from Monero
Monero has announced on April 30, 2024, that the second proposal from Luke Parker to prove, review, and audit Full-Chain Membership Proofs (FCMP – a trustless solution based on Generalized Bulletproofs) was also fully funded by its community.
XMR Price History
It’s now time to take a look at some of the Monero price history . It is important to remember that past performance is no indication of future results, but knowing what the coin has done in the past can give us some helpful context when it comes to either making or interpreting a Monero price prediction.
When Monero first came onto the open market in 2014, it was worth about $1.58. It did not do terribly much in its first couple of years but, in late December 2016, it broke past the $10 mark.
About a year later, as the market was experiencing a bubble, it topped $475, but when the bubble burst and the market entered a so-called crypto winter, it fell, dropping below $100 in late 2018 and staying there for the next two years or so.
Things picked up again in early 2021, as the market experienced a significant bull run and XMR reached an all-time high of $517.62 on 7 May.
Things cooled down significantly after that and Monero, along with most of the rest of the crypto market, lost out over the summer. There was something of a recovery later on in the year, though, but it closed the year at $228.82.
Monero in 2022
In 2022, Monero performed badly but was still far from one of the worst-performing cryptos. The coin struggled as the crypto market suffered a series of crashes. In June, it fell below $100 for the first time in nearly two years, but August’s news that it would undergo a hard fork meant that it would recover to $174.11.
After that, though, the collapse of the FTX exchange in November saw it close the year at $147.28. Interestingly, while this represented an annual loss of 35%, it means that it had outperformed the market, which had dropped by more than 60%, across 2022.
Monero in 2023 and 2024
2023 has proven to be something of a mixed bag for the coin. It reached a peak of $186.73 on January 30 but has dropped since then and, on 19 June, it was worth about $137.50.
It ended 2023 at $175.73 and then moved sideways for all of January, before retracing in February. As of February 6, 2024, it was worth $132.78. It didn’t show a notable movement in the following months, reaching $129.87 on May 9, 2024.
At that time, there were 18.4 million XMR in circulation, representing the total supply. This gave the coin a market cap of about $2.39 billion, making it the 47th largest crypto by that metric.
Monero Price Analysis
The price of Monero has been underperforming compared to the rest of the crypto market since the start of 2024. It moved sideways from June 2022 until it reached $180 in late December 2023.
As it found resistance, it started a larger downtrend falling 45% to a low of $100 on February 6. It recovered to a lower high of $152 on March 9, followed by $105 on April 16.
It is now traded at around $130, another lower high, indicating that XMR is still in a downtrend. The price did reach a slightly higher low in April compared to February, so there is a possibility it found support above $100.
However, the overall structure remains bearish, so we expect further downtrend continuation. If this downtrend continues, our next target will be $81. Alternatively, if Monero continues to rise past the $153 area, it will reach a higher high and indicate a the start of a bull phase. If that happens, we could expect to see it climb above $200.
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 unavailable 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 which could have implications when we consider the ongoing 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 are known for being 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.
Who is the Founder of Monero?
The origins of Monero start with the release in 2012 of the CryptoNote whitepaper – a cryptocurrency research paper by developer Nicolas van Saberhagen, whose true identity is unknown.
Fact Box
| Supply and distribution | Figures |
|---|---|
| Total supply | 18,433,962 |
| Circulating supply (as of May 9 2024) | 18,433,962 (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 was designed to 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 blockchain is supported by the XMR coin and is based on the CryptoNote whitepaper, published by the pseudonymous author Nicolas van Saberhagen in 2013.
How Monero Works
Monero uses a Proof-of-Work consensus mechanism, which 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 being traced.
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.
XMR itself is used to pay for transactions on the platform and is used 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.
Monero Attention Tracker
Here is a chart for the Monero’s Google search volume for the past 90 days. This represents how many times the term “Monero XMR” has been Googled over the previous 90 days.
FAQs
Can Monero reach $1,000?
Price prediction sites think it can happen by 2030 at the latest, with DigitalCoinPrice saying it could reach four figures a year later.
However, price predictions are very often wrong and it is worth noting that the best ever XMR price, reached in May 2021, was a little more than half that.
What is Monero used for?
Monero’s XMR coin is used to facilitate transactions on the Monero blockchain, and 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.
