Monero's price has been rising consecutively for three days, driven by the recent court ruling on Tornado Cash.
Monero Price Increase
Monero reached $216.3, reflecting a 110% rise from its lowest level in 2024. Over the past year, Monero has outperformed cryptocurrencies like Bitcoin and Ethereum.
Impact of Tornado Cash Court Ruling
A significant factor in Monero's rise was the court decision on Tornado Cash. The court ruled that smart contracts could not be classified as "property," leading to the lifting of sanctions on Tornado Cash and energizing the privacy token market.
Monero Price Analysis
The chart shows XMR in a slow upward trend. It remains solidly above the 50-week exponential moving average, indicating bullish market control. The price is expected to continue rising, potentially reaching $290.
The court ruling on Tornado Cash significantly impacted privacy-focused cryptocurrencies, including Monero, hinting at a potential reassessment of exchanges' positions on their listing.
