Crypto Showdown: Tornado Cash Sparks Renewed Interest in Monero and Privacy Coins

Monero is the leading cryptocurrency focused on private and censorship-resistant transactions. It is a private, decentralized cryptocurrency that keeps your finances confidential and secure. The sender, receiver, and amount of every single transaction are hidden through the use of three important technologies: Stealth Addresses, Ring Signatures, and RingCT.

Tornado Cash Ruling Boosts Interest in Privacy Coins

The U.S. Fifth Circuit Court of Appeals recently ruled in favor of Tornado Cash, a cryptocurrency mixer accused of helping launder over $7 billion. The court decided that Tornado Cash's smart contracts are not considered "property" under the law, as they cannot be owned or controlled. This ruling follows a lawsuit by Tornado Cash users who argued that the sanctions against them were unfair. As a result, interest in privacy coins like Monero has increased. Overall, this decision is seen as a win for privacy rights in the crypto community but raises concerns about potential misuse.

XMRUSD’s Recent Performance: A Bullish Trend

XMRUSD performed well in the past two days. Any daily close above $230 confirms further bullishness. XMRUSD gained more than 50% in the past ten days. The pair holds well above the short-term (34 and 55 EMA) and long-term moving average. It hit a high of $224.94 and is currently trading around $201.

Support and Resistance Levels for XMRUSD

The bullish invalidation can happen if the pair closes below $140. On the lower side, the near-term support is $180. Any break below targets 140/140/134/$115 will signal a significant downtrend if it breaks $100. The immediate resistance stands at around $230. Any breach above confirms bullish continuation, with a jump to 258/\300 being possible. A surge past $300 will take it to 342/342/400.

Investment Strategy for XMRUSD

It is good to buy on dips around $180 with a stop loss of around $140 for target profits of 258/258/300.