The Monero (XMR) price has risen noticeably the day before the network hard fork that took place today. Privacy-focused cryptocurrency protocol implemented a network upgrade via hard fork to improve transaction privacy, speed, security, wallet synchronization.
On the other hand, the 65% increase that has continued since mid-June indicates a strong price momentum, according to analysts. It is stated that if a rise in the crypto money market continues, the price of XMR will rise above $ 200.
Monero Network Upgrade
- Monero, 2,688,888 on August 13. announced that they will be doing a planned network upgrade via a hard fork on the block.
- It is stated that it is important for users, services, investors, pool operators or exchanges to run v0.18 to prepare for the planned protocol upgrade.
- This upgrade will improve privacy, security, transactions and wallet synchronization for Monero.
- Increasing the ring size from 11 to 16 is planned to increase the basic privacy of every transaction on Monero.
- The upgraded Bulletproofs algorithm “Bulletproofs+” will reduce transaction size and increase verification performance by 5-7%, making transactions faster.
- Also, multi-signature fixes and critical security patches will be added.
- Crypto exchange Binance recently announced support for Monero network upgrade and hard fork. Binance suspended deposits and withdrawals for XMR on August 13 at 14:00 UTC.
The XMR price has increased by approximately 35 percent in the last 1 month. The cryptocurrency, which makes moves with the market movements, is trading at $ 164 at the time of writing and seems to have withdrawn a little after the 7% increase.
On the other hand, the delay in the Monero hard fork has caused concerns among investors. However, the network upgrade was implemented, albeit with a delay. According to analysts, if the market conditions are suitable, the XMR price can rise to $ 200.