Monero Closes above a 2-year resistance, adds 300% Year-to-date
The XMR price on Dec 15 rallied above $150, printing a new 2020 high, breaking above a two-year consolidation retesting prices of 2018. The privacy coin, regardless of a renewed crackdown by governments who have been urging exchanges to delist it, is one of the top performers in 2020.
Privacy coins, to some degree, operate just like normal coins but only that details about the sender and the receiver, and even the amount, cannot be immediately disclosed or tracked by third parties. Engineers working on agencies working on decrypting the obfuscating technology employed by the open-source project are marveled, admitting that Monero's design is beautiful. Also, by updating its source code every six months, it makes it harder for the agencies to work on stable decoding algorithms making it harder to crack. For traders, however, more people want their privacy retained. With every low and castigation, traders are ramping up, doubling down on the tech.
Impact on the XMR Price:
Bullish. Even with attempts—and claims of successful decryption of Monero's code, the XMR price continues to rally. As long as the platform retains the privacy of its users and maintains its lead, the XMR price will continue to bottom-up, perhaps even rally to $400.
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