Monero (XMR) Price Surges 52% Following $330 Million Bitcoin Theft

Monero (XMR) experienced a 52% price increase, reaching $347, following a $330 million Bitcoin (BTC) theft linked to suspicious transactions.

Key Points

Price surged from $220-$230 support to $340 resistance.
An on-chain analyst reported a transfer of 3,520 BTC, valued at approximately $330.7 million, was made prior to the XMR price jump.
The stolen funds were laundered via instant exchanges and converted into XMR.
Concerns raised about the nature of the transaction suggest it may be related to a theft rather than an authorized move.
Recent trading patterns indicate Monero retraced about 25%, settling between $250-$260.
XMR has been fluctuating within a $112-$214 range since 2022, with potential for breaking above $300 if current trends continue.

Analysts note this price movement mirrors early 2021 trends, indicating possible future gains if the upward trajectory is maintained.