XMR Skyrockets 40% Amid Broader Crypto Market Gains Led by XRP
Cryptocurrency markets edged higher on Monday, with Bitcoin (BTC) climbing past $94,000 and the CoinDesk 20 index—tracking the largest digital assets—rising 2.2% by mid-morning in Europe.
XRP led gains among major cryptocurrencies, jumping nearly 7% following news that ProShares received SEC approval to launch three XRP futures-based ETFs on April 30. Other top performers included Cardano’s ADA, which rose over 3%, and BNB, up 1%. Ether (ETH) remained flat.
However, the standout performer of the day was privacy-focused cryptocurrency Monero (XMR), which surged more than 40% to reach a high of $371—its strongest level since May 2021—before settling around $264, still up 15% over the past 24 hours.
XMR’s trading volume also spiked dramatically, leaping from a seven-day average of $50 million to more than $220 million in the past day.
According to on-chain analyst ZachXBT, the price action may be linked to a suspected exploit involving a suspicious transfer of 3,520 BTC (worth roughly $330.7 million), which was subsequently swapped into XMR. The sudden demand for the low-liquidity asset drove the dramatic price spike.
Monero, built on the CryptoNote protocol, is known for its robust privacy features that make transactions untraceable and unlinkable.
Macro Landscape: Mixed Signals
Investor sentiment remained cautiously optimistic, continuing the near-term bullish tone from last week, though macroeconomic uncertainties linger.
“Bitcoin has held steady above $92,000, supported by a more crypto-friendly stance from the Trump administration, particularly with softened tariff policies,” said Jupiter Zheng, Partner of Liquid Fund and Research at HashKey Capital, via Telegram. “This approach may help decouple crypto assets from traditional equities and encourage further innovation within the industry.”
Global equity markets offered mixed signals. A regional benchmark rose 0.6%, while S&P 500 futures slipped 0.6%, threatening to end a four-day rally in U.S. stocks. Gold gave back some of last week’s record gains, and Asia’s major indexes, including Hong Kong’s Hang Seng, were mostly flat.
