Monero (XMR) 40% Rally Possibly Tied to $330M BTC Theft, Says ZachXBT

Monero (XMR) has surged more than 40% over the past 24 hours, surpassing $320 for the first time since May 2021. Traders' activity has increased, and technical indicators show the potential for continued growth. According to blockchain analyst ZachXBT, one of the reasons could be the large-scale theft of bitcoins.

Possible Reasons for Monero's Rise

The sharp rise of Monero (XMR) over the past day may be linked to a large-scale Bitcoin theft. This was reported by on-chain researcher ZachXBT, who pointed to a suspicious transfer and subsequent operations through exchanges.

On Sunday, around 3.520 BTC worth $330.7 million were transferred from a possible victim’s wallet. The recipient address was “bc1qcry...vz55g,” noted ZachXBT in a post on platform X.

Immediately after the transfer, the funds began to be split and withdrawn through more than six exchanges. According to ZachXBT, they were later converted into Monero (XMR), likely to obscure the trail.

ZachXBT suggests that large swaps against limited liquidity may have influenced the sharp rise in XMR. However, a direct connection between the incident and the market movement has yet to be confirmed.

Another possible reason could be the generally moderately positive sentiment among traders despite external risks. Liquid Fund partner and HashKey Capital researcher Jupiter Zheng notes that Donald Trump's administration’s policy of easing tariffs in the crypto industry supports a positive outlook on the market. According to him, this allows Bitcoin and other cryptocurrencies to be less dependent on U.S. stock markets and fosters their independent growth.

XMR Reaction

According to CoinMarketCap, Monero (XMR) surpassed the $338 mark during Asian trading hours on Monday morning. Over the past 24 hours, the price rose by more than 40%, marking a record surge for the asset in recent years. The average trading volume over the past seven days increased from $50 million to over $220 million daily. At the time of writing, the daily trading volume exceeds $228 million (+320,37%).

Open interest (OI) in XMR futures also grew significantly from $20.13 million on Friday to $30.38 million on Monday. This set a new year-to-date high. The growth in open interest indicates an inflow of new funds into the market and strengthening buying pressure.

Technical Picture

According to analysts at fxstreet, Monero on the daily chart broke above the upper boundary of an ascending triangle, gaining more than 19% at the time of writing. The triangle had been forming since mid-November, connecting a series of higher lows and flat highs.

Technical analysis suggests further movement toward the $345 level. Provided that support holds around $241.95, the price may continue its upward trajectory. Analysts recommend taking profits around the $300 mark.

The relative strength index (RSI) on the daily timeframe rose to 83, exceeding the overbought threshold of 70. This may signal a potential short-term correction. Nevertheless, the strong upward momentum remains.

General Market Background

Monero's rise stands out against a relatively calm market. XRP rose by 6,4% over the past day after news of the approval of three futures-based ETF products from ProShares, scheduled to launch on April 30. Ethereum (ETH), BNB Chain (BNB), and Cardano (ADA) showed more moderate gains within the range of 0,3–3,5%.

Monero is built on the CryptoNote protocol, which makes its transactions anonymous and untraceable. For more information about privacy coins and how they differ from regular cryptocurrencies, follow the link.

This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.