Monero (XMR) price has surged by as much as 7% in a matter of 24 hours before network upgrade or hard fork on August 13.
- XMR climbs by over 7% overnight before the weekend hard fork.
- Binance recently announced support for Monero’s hard fork or network upgrade.
- Crypto targets $200; then $217 next.
Historically, upgrades have always triggered a boost in XMR price.
The altcoin is seen to have soared by 65% since midway of June which signals a robust price movement. With consistent and continuous recovery of the crypto market, XMR price might even shoot above $200.
According to CoinMarketCap, XMR has soared by 1.28% or trading at $167.70 as of this writing.
The Monero Hard Fork
With this upgrade rescheduled a lot of times, everyone is excited that it’s finally here. Monero is set to perform a hard fork to boost network performance, speed, wallet syncing capability, privacy, security, and decrease volatility in prices.
Monero announced in a tweet that the network upgrade via a hard fork will transpire at block 2,688,888 on August 13. More so, the privacy protocol has also officially rolled out Ledger Monero App v1.8.0 as well as the CLI & GUI v0.18.1.0 “Fluorine Fermi.”
It is highly important for exchanges, merchants, services, and users to run the v0.18 prior to the launch of the network upgrade and also to ensure uninterrupted use of XMR blockchain.
The ring size of the crypto has also enlarged from 11 to 16 which aim to boost the privacy of transactions done on its blockchain. Additionally, Bulletproofs+ also aims to decrease transaction sizes and boost and speed up verifications by up to 7%. More so, vital security patches and multi-signature fixes will be integrated as well.
The view tags also aims to boost wallet synch speed by as much as 40% and the changes in fees will also greatly reduce volatility plus enhance security which is very crucial to a blockchain.
Binance Supports Hard Fork
Binance, one of the most popular and giant crypto exchanges have also announced their strong support for the hard fork. In lieu with this, Binance is set to put to hold any transactions on the network such as XMR withdrawals and deposits on August 13 at 14:00 UTC.
Notably, Binance also assured XMR HODlers and trades that that the digital assets are heavily secured and transactions will resume following completion of the hard fork upgrade.
The recent delays in the launch of the hard fork have worried many investors. Regardless, it has been worth the wait as the price may shoot over $200, with the next target resistance spotted at $217.
Overall, XMR shows a strong bullish trend and is set to go green all the way during and after the hard fork upgrade.
Crypto total market cap at $1.15 trillion on the daily chart | Source: TradingView.com Featured image from Phemex, Chart from TradingView.com