Monero (XMR) was once one of the few cryptocurrencies in existence but with the inception of lucrative altcoins, Monero (XMR) quickly became a forgotten coin to many. That is not to say that Monero (XMR) lost its purpose but other shinier projects like Verge (XVG) pulled in privacy enthusiasts from Monero (XMR)’s league. The chart above for XMR/USD shows that Monero (XMR) has performed well against USD for the most part, even after the correction. The reason for that is, that unlike coins like Ripple (XRP) or Cardano (ADA), people don’t buy Monero (XMR) just to make a quick buck.
Monero (XMR) has served an important function as a premier privacy coin and continues to attract privacy enthusiasts as being one of the best privacy projects out there. This is also why Monero (XMR) has performed in a very stable pattern over the past year and a half. Currently, Monero (XMR) has reached oversold levels on RSI whereas MACD conditions show that Monero (XMR) is unlikely to go down for long. Technical conditions for Monero (XMR) indicate that the price is likely to reverse in the month of August. It is also expected that the reversal will be an aggressive one and there is a high probability that Monero (XMR) will mark a new high for the year. RSI conditions for Monero (XMR) show that the price has reached a critical point where it is expected to do one of two things: it must either break below the RSI triangle and enter into a long term bear market, or break above the triangle and begin a rally towards new highs.
Monero (XMR) has also reached the end of its correction against Bitcoin (BTC) as can be seen on the XMR/BTC chart above. RSI and MACD condition for the chart above point to a rally by mid August. That rally will reverse this trend and begin a new cycle, as Monero (XMR) continues to trend in an ascending channel against Bitcoin (BTC). The future prospects of Monero (XMR) seem brighter than ever as people across the globe seem to be more concerned about the privacy of their financial transactions than before. People are starting to realize that they now have options to protect their identity and privacy whenever they want to.
If someone does not want their credit card company knowing about their visits to a doctor or what they are buying online, they can use Monero (XMR) to protect their privacy and identity. Monero (XMR) has been criticized in the past for being the gateway cryptocurrency that people use to buy drugs and other illegal items on the dark web. However, most of those dark web sites have now been taken down by law enforcement agencies. Monero (XMR) will continue to have its significance as long as it is the only secure and trusted privacy coin in the market as most large corporations would not be comfortable with having their transactional data printed on a blockchain that everyone can see.