Monero (XMR) Rises on New Listing Chances
XMR was one of the most promising assets before exchanges became skeptical of the coin’s anonymous nature.
Monero (XMR) rose again to triple-digit prices, on news of potential additional exchange listings. XMR has raised doubts in the past, leading to a series of delistings from Japanese exchanges. In general, depositing XMR on an exchange requires at least some de-anonymization, or else the trader may not see the coins reflected on the exchange balance. But upon withdrawal, XMR can obscure the source and movements of coins.
Now, Riccardo Spagni has opened up about Monero’s strategy to get more representation on widely used markets. XMR will come with a package explaining the coin’s usage and the possibilities to achieve the transparency required by regulators:
XMR responded to the news, trading at $103.88 as of 9:30 UTC on Monday, with a 6% net gain over the past 24 hours. XMR peaked at $107.18 late on Sunday. The asset hovered under $100 in the past week, shaken down by a mass sell-off. Now, XMR is also rising on the expectations for an altcoin rally, following the boost to Bitcoin (BTC) prices.
The XMR price moved in a positive direction, recouping its losses, despite the news of recently discovered and patched serious bugs in the Monero protocol. One of the most critical vulnerabilities involves communication with the wallet, where a hacker could create a transaction message and generate an arbitrary amount of XMR into the wallet. This bug could have allowed a hacker to fool exchanges and claim a larger balance without actually having the coins.
The exploit affects exchanges in a manner similar to the “burning bug”, where a hacker could decide to burn coins.
While the XMR price has remained stagnant, Monero is one of the most active projects, with constant development, wallet creation, and community building efforts. The chief selling point for Monero is that its coins are fungible and untraceable, while using Bitcoin (BTC) in an anonymous or veiled manner may lead to accusations of money laundering. Still, there is regulatory uncertainty surrounding coins that have built-in anonymity in their protocol.