• Monero’s price has corrected by 10% following regulatory actions, and it is currently trading at around $140 with a market cap of $3 billion.
• Analysts are predicting the XMR price to rally all the way to $1000 by 2030.

The US SEC lawsuits over two of the world’s largest crypto exchanges earlier this month have induced major selling pressure in the broader cryptocurrency market impacting Bitcoin and majorly altcoins.

Privacy coin Monero (XMP) has also faced the heat of regulatory developments with its price correcting by 10% since the SEC action. As of press time, Monero (XMR) is trading at just under $140 with a market cap of $3 billion.

While Monero’s private nature is a USP for crypto enthusiasts, it has landed the cryptocurrency in trouble several times against the regulators. Unlike other public cryptocurrencies, XMR offers privacy to its users hiding details about where the transactions are originating and where it’s moving to. Despite claims of innocence by its supporters, Monero has faced allegations of enabling money laundering and supporting terrorist financing.

Monero operates using a system called Proof-of-Work, where people have to solve complex math problems to add blocks to the blockchain and earn rewards.

To ensure transaction privacy, Monero uses “one-time ring signatures” that make transactions untraceable. Stealth addresses are also used, allowing users to set up unique wallet addresses that prevent transactions from being traced.

Given these features, it’s not surprising that authorities have expressed concerns about Monero, and some major centralized crypto exchanges, like Coinbase, choose not to list it.

Monero, denoted as XMR, is used as a payment method for transactions on the platform and as a reward for miners. It can also be bought, sold, and traded on certain exchanges, although some exchanges refrain from offering it due to legal concerns.

XMR Price Action

Although Monero’s XMR delivered a strong performance during the crypto winter of 2022, it hasn’t quite participated well enough during the crypto market rally this year. In 2023, the performance of the coin has been a bit uncertain. It reached its highest value of $186.73 on January 30th but has since decreased. On June 19th, it was valued at approximately $137.50.

During that period, there were 18,293,994 XMR coins in circulation, which accounted for the total supply. With a market cap of $3 billion, XMR is currently the 24th largest cryptocurrency by market cap.

After the SEC lawsuit earlier this month, the Monero price tanked to $127. However, it has recovered over 7.5% since then. Different market analysts are making different price predictions for Monero going ahead. CaptainAltCoin has a more negative outlook, expecting the price to drop to $99.63 by August and only slightly recover to $124.58 by the end of the year. On the other hand, DigitalCoinPrice is more optimistic, suggesting it could reach $290, while Bitnation predicts it could trade at $206.23.

When looking at the long-term Monero price prediction for 2030, experts generally agree that it will surpass $1,000 by the beginning of the next decade. According to predictions, Bitnation estimates it to be worth $1,168.61, DigitalCoinPrice suggests it could reach $1,424.15, and CaptainAltCoin predicts it would trade at $1,432.27.