Monero (XMR), the unique privacy coin has hit the news again after halting the much anticipated 15th March “MoneroV” hard fork. Investors have to wait for six weeks more to know the fate of the close-knit community. However, the free money associated with hard forks could be playing a major role in the currency performance in the market.
Many investors were betting on the platform and the shelving of the forking plan could affect its growth; at least for now. Ranked 6th globally by market cap, the XMR token is trading at $233.62 with a drop of 7.31% in the last 24hours. This could indicate the current uncertainty from the investors.
What does the Hard Fork Got to do with Monero (XMR) Price?
By looking at the historical data, it is easy to understand where Monero is coming from. The recent drop in price by 30 percent is out of the high expectations from the users on the fork. The reduced activity has affected the volumes since everyone is anticipating more XMR tokens in their wallets after the fork.
Last week XMR was scaling the heights and was being quoted at $380 against the dollar. This was a 90% gain in mid-February when the MineroV hard fork was announced. Investors bought into XMR hoping the price will skyrocket and get additional tokens.
However, after users, developers and mining pools requested for more time before implementing the software upgrade, the price begun to dip. This has since reduced activities on the Monero counters leading to the coin price dipping. There is anticipation that more activity might resurface after the hard fork.
Scheduled Monero (XMR) Hard Fork
The postponing of the MoneroV hard fork has seen the XMR price drop by more than 30%. This could turn the coin fortunes around after the software upgrade scheduled for 30th April affecting block 1564965. Holders of tokens on the block during the fork are set to get the new MoneroV coins at a ratio of 10:1.
With previous forks, the investors benefit from free tokens and this could result in Monero (XMR) growth for some time going forward. Still stuck on the $200 threshold, this could also be reverse point from the current bullish state.
With only one and half months to the fork, the bears will take charge as shown by the dip by 30% in the last few weeks. From the charts, XMR might drop below the bullish reversal point of $200 and rise from there warming up to the hard fork. Resumed activities around the cryptocurrency will be noticed a few weeks before the MoneroV.
Monero (XMR) Predictions
Like any other cryptocurrency out there, Monero will have an uphill task against the competition and Bitcoin, in particular which is trading at 0.02687210 BTC (-3.16%). Shedding the rising support means the bullish trend might stick around more than anticipated before transitioning to bearish trend.
There is more to expect from Monero (XMR) beyond the hard fork free Monero Tokens notwithstanding. Once the investor confidence is set, there is not stopping the digital coin from mooning. By the end of the second quarter, the digital coin will be threatening Ethereum ripple and other top five Altcoins.
This is also the right time to invest on Monero and HODL; after the MoneroV fork, the sky will be the limit for this popular privacy coin. The quest for free money will become the growth catalyst for this sleeping giant. This could become the best performing and rewarding cryptocurrency not on in 2018 but beyond.