Monero Jumps 10% as Trading Volume Triples
Monero led major cryptocurrencies as volume jumped 255%, but one trading pair carried most activity and THORChain’s anticipated native-XMR route remains delayed, leaving traders to judge whether momentum can last.
Key Takeaways
- XMR gained 10% as volume tripled.
- One KuCoin pair carried most volume.
- THORChain’s Monero rollout remains on hold.
- Daily RSI climbed above 84, raising risk.
XMR outpaces every top-20
At 10:02 UTC on August 31, CoinGecko placed Monero near $532.29, up 10% over 24 hours and 22% over seven days. No other altcoin among the 20 largest cryptocurrencies by market value matched its daily gain.
Rolling 24-hour volume reached approximately $240.7 million, a 255% increase from the previous day. That implies an earlier comparison base of roughly $67.7 million and helps explain why the percentage change looks so dramatic. XMR’s market capitalization stood near $10 billion, making the latest turnover equivalent to about 2.4% of its market value.
The higher volume shows that more trading accompanied the price advance, but it does not represent $240.7 million of new investment. Every completed trade adds to the figure, and the same coins can change hands repeatedly.
Five days earlier, Coindoo’s review of a cooling altcoin market found XMR down 1.2% for the day and up 7.8% over seven days. By August 31, the reported weekly return had expanded by 14.4 percentage points.
Monero’s move also fits an older sector theme. In July, our team found that nine of the ten largest privacy coins finished the week higher. That history provides context for renewed interest in privacy assets, but it cannot identify the trigger for this particular 10% move.
One KuCoin pair carried 56% of the volume
CoinGecko tracked XMR across 18 exchanges and 48 markets, but the activity was heavily concentrated. KuCoin’s XMR/USDT pair generated approximately $134.2 million, accounting for 56.2% of all tracked volume.
The concentration does not erase the increase, but it narrows what the headline figure proves. Participation was not equally strong across the market, and more than half of the recorded turnover depended on one exchange and one pair.
Broader demand would look different: total volume would remain elevated while KuCoin’s share declined as other exchanges and trading pairs became more active. If overall volume falls as activity on that pair cools, the surge will look more like a brief concentration of momentum than a market-wide change in XMR demand.
THORChain has not launched native XMR swaps yet
The trading data show that activity increased; they do not reveal why. Major development surrounding Monero is THORChain’s planned native integration, although the official timeline does not support treating it as a completed catalyst.
Monero applies privacy by default, concealing transaction amounts and making senders and recipients difficult to link. That design distinguishes it from networks where confidential transfers are optional, but it has also contributed to XMR’s removal or restriction on several centralized platforms.
THORChain’s proposed integration would offer another route. Users could exchange native XMR for assets on other supported networks without wrapping the coin or depositing it with a centralized custodian.
In its July soft-launch plan, THORChain described the Monero code as close to ready and planned to begin with a clearly labeled beta. The cautious rollout reflects work that its existing integrations do not require: Monero’s transaction outputs and signing process must be handled through a separate technical setup.
The schedule changed before launch. On August 27, THORChain placed XMR and Zcash on an initial one-to-two-week hold while it reviewed network stability following version 3.20 and a pending hotfix. Monero also remained absent from THORChain’s supported-asset list at the time of writing.
Monero’s protocol plans are separate
Monero’s own roadmap should not be confused with THORChain’s integration. The official roadmap places Full-Chain Membership Proofs, the Cuprate Rust node, Bulletproofs++ and the Seraphis/Jamtis codebase in its “Coming Soon” section. None was announced on August 31 as a fresh reason for the price move.
There is therefore no verified same-day fundamental announcement that explains the rally. The prospect of easier decentralized access may be attracting interest, but the available data cannot separate that expectation from momentum trading or a broader rotation into privacy assets.
Monero’s daily chart is strong but extended
Prices moved quickly during the session.
Monero (XMR/USD) price chart showing a sharp surge and RSI indicator.
On the daily chart, XMR stood well above its major moving averages. The 50-day simple moving average was near $386, while the 100- and 200-day averages were clustered around $360 and $359. At approximately 39% above the 50-day average, price had no nearby moving-average support if profit-taking accelerated.
Daily RSI reading reached 84 which reflects strong momentum rather than an automatic reversal signal, but it also shows that the advance has had little time to reset. A routine pullback can become sharp when buyers enter after such an extended move.
The first level to watch is $500, both a round number and the area needed to preserve most of the latest breakout. The measured advance began near $486.32, making a daily close below that level a clearer sign that the latest leg had failed. The previous consolidation around $470 would then become relevant.
On the upside, $540 marks the immediate overhead area around the latest price readings. A daily close above it would leave $560 as the next visible round-number zone, although that level is a reference point rather than a guaranteed target.
What would make the rally more convincing
- Usable native swaps: THORChain launches XMR support, and its pool develops enough depth to process swaps without excessive slippage.
- Broader participation: Total volume stays elevated while KuCoin’s 56.2% share declines as activity spreads to other venues.
- A calmer chart: RSI retreats toward the 60-70 area while XMR continues closing above $500.
The 255% volume increase shows that traders noticed Monero. It does not yet show whether they arrived for native-swap access, the wider privacy trade or short-term momentum. Actual THORChain usage, broader exchange participation and XMR’s behavior after RSI cools will provide a clearer answer than the size of one day’s price candle.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices are volatile, and market data can change rapidly.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
