Monero (XMR) Climbs Over 7% Before Weekend Hard Fork

Christian Encila

1 year ago

3 mins read

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Monero (XMR) price has surged by as much as 7% in a matter of 24 hours before network upgrade or hard fork on August 13.

XMR climbs by over 7% overnight before the weekend hard fork.
Binance recently announced support for Monero’s hard fork or network upgrade.
Crypto targets $200; then $217 next.

Historically, upgrades have always triggered a boost in XMR price.

The altcoin is seen to have soared by 65% since midway of June which signals a robust price movement. With consistent and continuous recovery of the crypto market, XMR price might even shoot above $200.

According to CoinMarketCap, XMR has soared by 1.28% or trading at $167.70 as of this writing.

The Monero Hard Fork

With this upgrade rescheduled a lot of times, everyone is excited that it’s finally here. Monero is set to perform a hard fork to boost network performance, speed, wallet syncing capability, privacy, security, and decrease volatility in prices.

Monero announced in a tweet that the network upgrade via a hard fork will transpire at block 2,688,888 on August 13. More so, the privacy protocol has also officially rolled out Ledger Monero App v1.8.0 as well as the CLI & GUI v0.18.1.0 “Fluorine Fermi.”

It is highly important for exchanges, merchants, services, and users to run the v0.18 prior to the launch of the network upgrade and also to ensure uninterrupted use of XMR blockchain.

The ring size of the crypto has also enlarged from 11 to 16 which aim to boost the privacy of transactions done on its blockchain. Additionally, Bulletproofs+ also aims to decrease transaction sizes and boost and speed up verifications by up to 7%. More so, vital security patches and multi-signature fixes will be integrated as well.

The view tags also aims to boost wallet synch speed by as much as 40% and the changes in fees will also greatly reduce volatility plus enhance security which is very crucial to a blockchain.

Binance Supports Hard Fork

Binance, one of the most popular and giant crypto exchanges have also announced their strong support for the hard fork. In lieu with this, Binance is set to put to hold any transactions on the network such as XMR withdrawals and deposits on August 13 at 14:00 UTC.

Notably, Binance also assured XMR HODlers and trades that that the digital assets are heavily secured and transactions will resume following completion of the hard fork upgrade.

The recent delays in the launch of the hard fork have worried many investors. Regardless, it has been worth the wait as the price may shoot over $200, with the next target resistance spotted at $217.

Overall, XMR shows a strong bullish trend and is set to go green all the way during and after the hard fork upgrade.

Crypto total market cap at $1.15 trillion on the daily chart | Source: TradingView.com

Featured image from Phemex, Chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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