The price of Monero (XMR) has skyrocketed more than 7% a day ahead of the planned network hard fork on August 13. and reduce fee volatility.

A continued 65% upward rally since mid-June points to strong price momentum. An ongoing crypto market recovery is likely to push Monero’s price above $200.

Monero Network Upgrade and Hard Fork

Monero’s privacy protocol in a tweet announced the planned network upgrade via a hard fork on August 13 at block 2,688,888. The privacy protocol has officially released the CLI & GUI v0.18.1.0 “Fluorine Fermi” and Ledger Monero app v1.8.0.

It is critical for users, services, merchants, pool operators, or exchanges to run v0.18 to prepare for the planned protocol upgrade. Also to continue using the Monero blockchain and XMR cryptocurrency.

Most importantly, the latest upgrade will improve privacy, security, transactions, and wallet sync for Monero.

The increase in ring size from 11 to 16 will improve the basic privacy of any transaction on Monero. The upgraded Bulletproofs algorithm “Bulletproofs+” will reduce transaction size and improve verification performance by 5-7%, making transactions faster. In addition, view tags will improve wallet sync times by 30-40% and rate changes will minimize rate volatility and improve security.

In addition, multi-signature fixes and critical security patches will be added.

The crypto exchange Binance recently announced support for the Monero network upgrade and hard fork. Binance will suspend deposits and withdrawals for XMR on August 13 at 14:00 UTC.

XMR Price Continues Upward Movement

The price of Monero (XMR) is up more than 7% in a day as the Monero undergoes a network upgrade. In addition, the price has risen by more than 65% since mid-June. Historically, the price has seen massive upward momentum after the Monero upgrade.

The slowdown in the Monero hard fork has worried investors. However, the network upgrade is finally here. The price is most likely to rise above $200 with the next price move towards resistance at $217.

In fact, the XMR price will be supported up to $200 by the crypto market recovery. Currently, Monero price is trading near the $170 level.

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and is currently covering all the latest updates and developments in the crypto industry.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

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