The Monero (XMR) price has exploded over 40% in the span of a few hours today. This multi-year breakout is catching market attention—and analysts suggest the momentum may not be exhausted yet.
Crypto trader JAVON MARKS pointed to a multi-year chart pattern, suggesting XMR is heading towards a target of over $480, which would mean over 75% upside from current prices.
XMR adds massively to its post-breakout gains and looks to be headed right towards its target at the $484.44 level! With this target still in play, another near +75% upside to reach it can take place…
This comes as XMR exploded higher in the past 24 hours, posting one of its strongest rallies in years. According to data from CoinGecko, XMR briefly touched nearly $350, its highest level since 2020, before cooling off to around $260 at the time of writing.
The privacy coin’s market capitalization surged by approximately $2 billion during the rally, now sitting just under $6 billion. The move propelled Monero to become the 27th-largest cryptocurrency, overtaking names like Hyperliquid (HYPE) and Pi Network (PI).
This recent price pump for the XMR token makes it the second-best performer in the last 24 hours, only behind Virtuals Protocol, one of the largest AI agent crypto projects. Its token, VIRTUAL, surged over 23.5%, currently priced at $1.34.
Similarly, Flare’s FLR token and NEXO (NEXO) saw more modest gains, 13% and 6.9%, respectively, while Bittensor (TAO) is still harnessing momentum from last week’s price surge.
Is a Hack Behind The Monero Price Surge?
While the Monero price surge might be as impressive as it is, there are those who believe that XMR pumped thanks to a massive $330 million Bitcoin (BTC) theft.
That’s according to ZachXBT, the popular on-chain sleuth, who flagged a major BTC theft involving 3,520 BTC, valued at roughly $330.7 million, in what could be one of the largest crypto heists of the year.
The suspicious transaction, reported on April 28, shows the stolen Bitcoin moving from a victim’s wallet to the address bc1qcry…vz55g. From there, the funds were rapidly funneled through at least six instant exchanges and converted into Monero (XMR), a privacy coin known for obscuring transaction trails.
