The Monero (XMR) price has skyrocketed by over 7% in a day before the scheduled network hard fork on August 13. The privacy cryptocurrency protocol will undergo a network upgrade via a hard fork to improve transaction privacy, speed, security, wallet syncing, and reduce fee volatility.
A continuous 65% upside rally since mid-June indicates a strong price momentum. A sustained crypto market recovery will likely push Monero’s price over $200.
Monero Network Upgrade and Hard Fork
The Monero privacy protocol in a tweet announced the scheduled 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 crucial for users, services, merchants, pool operators, or exchanges to run v0.18 in order to prepare for the scheduled protocol upgrade. Also, to continue using the Monero blockchain and XMR cryptocurrency.
The latest upgrade will mostly improve the privacy, security, transactions, and wallet syncing for Monero.
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The increase in ring size from 11 to 16 will improve the base privacy of every transaction on Monero. Upgraded Bulletproofs algorithm “Bulletproofs+” will reduce transaction size and improve verification performance by 5-7%, making transactions faster. Moreover, view tags will improve wallet sync times by 30-40% and fee changes will minimize fee 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 Monero (XMR) price has rallied over 7% in a day as the Monero undergoes a network upgrade. Besides, the price has rallied over 65% since mid-June. Historically, the price has seen massive upside momentum after the Monero upgrade.
The delay in the Monero hard fork caused concerns among investors. However, the network upgrade is finally here. The price is most likely to rally above $200, with the next price movement towards resistance at $217.
In fact, the XMR price to $200 will be supported by the crypto market recovery. Currently, the Monero price is trading near the $170 level.