Monero’s Big Day: Cuprate Node and Hotel Accepting XMR Drive a Surge

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Well, look at that—XMR just decided to wake up and smell the gains, rallying over 9% on February 6th. Guess the privacy protocol wasn’t too happy about sitting around. It’s showing off the stellar performance of its Rust-based Cuprate node. Yes, I said Cuprate—sounds fancy, doesn’t it? Like something you’d order at a high-end restaurant. “I’ll have the Cuprate with a side of gains.”

So, Monero (XMR) hit an intraday high of $238.55. That’s up 24% since January. Impressive, right? Yeah, I’m sure the privacy coin is really soaking in that sweet 4.4 billion market cap for a second—oh wait, it’s down to $4.28 billion now. But who’s counting? It was the 28th largest crypto for a moment, anyway. You take what you can get.

Why Did XMR Rally Today? Great Question.

XMR surged because, apparently, the Rust-based Monero node Cuprate is on fire (not literally, don’t panic). It did a fast sync in just 4 hours and a full verification sync in 20 hours. What? Are we in the future now? A blockchain node that doesn’t take days to verify stuff? Unbelievable. Who needs all that waiting when you could speed up the process, still keep things independent, and actually make running full nodes less of a hassle? Everyone’s happy, except maybe the folks who have been staring at their screens waiting for hours.

And in case you didn’t know, a node is basically just a computer doing all the heavy lifting in a blockchain network. Like a guy in the back of the room, doing all the work while everyone else gets credit.

So what else? A hotel in Georgia has decided that accepting XMR for payments is a good idea. Can you imagine? “I’ll pay you in Monero, thanks.” Real-world use case? Check. You’re welcome, Monero!

Monero’s price tends to be driven by community sentiment, especially since it’s been through a little regulatory drama. But hey, Santiment is telling us that the weighted social sentiment is looking positive now—so everyone’s feeling a little more optimistic. I’m sure the folks who were doom-scrolling about XMR a week ago are now feeling pretty smug.

But wait, there’s more! Derivative traders are getting into the action, with open interest in XMR futures up by 15.37%. That’s right, more traders are betting on an upside. Hope they don’t get burned, right? Just kidding. Hopefully, they know what they’re doing… hopefully.

XMR Technical Analysis: Spoiler, Bulls Are Winning

If you look at the 4-hour XMR/USDT chart, you’ll see that the price is hanging out above both the 50-day and 200-day exponential moving averages. That’s what we call “bullish,” in case you were wondering. The bulls are running the show—at least, for now. So, yeah, the market is looking pretty good for XMR.

The MACD and Price oscillator lines are climbing, so the bullish trend is still going strong. Oh, and the Relative Strength Index? It’s been going up over the last 72 hours. At 58 right now, it’s got room to grow, which is code for “we could see more green candles soon.”

But here’s the kicker—over the past week, $8.4 million worth of XMR has been pulled from centralized exchanges. According to CoinGlass data, this is a sign that people are holding on tight. They’re not letting go anytime soon. If this keeps up, XMR might just keep climbing and retest the $241.59 level it reached earlier this month. Some analyst named Barney seems to think so too. I mean, he’s been pretty spot-on before, so who are we to argue?

While the market is in shambles, Monero looks like it’s ready to take another leg up. $XMR

— barney (@barneyxbt) February 5, 2025

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2025-02-06 13:40