Will Kraken’s Delisting Of Monero In Europe Push XMR Further Below $150?

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As a seasoned crypto investor with over a decade of experience navigating the tumultuous seas of digital currencies, I can’t help but feel a twinge of deja vu as I witness Monero’s current predicament. The delisting from Kraken and the subsequent price decline are all too familiar reminders of the challenges faced by privacy-focused cryptocurrencies in this ever-evolving regulatory landscape.

The announcement by Kraken Exchange to stop trading and deposits for Monero (XMR) in the European Economic Area (EEA) before October 2024 has caused a stir throughout the cryptocurrency market. This decision was made due to growing regulatory attention, which could be a significant factor. The impact is evident in the coin’s price drop below $150, indicating that privacy-focused digital currencies continue to face numerous challenges.

The Price Decline

Just like many other cryptocurrencies, Monero hasn’t been immune to the price rollercoaster. In the days leading up to Kraken’s delisting announcement, it was lingering near $158, struggling to stay afloat against a broader downtrend that has significantly reduced the value of most digital currencies.

Will Kraken’s Delisting Of Monero In Europe Push XMR Further Below $150?

The news of its removal from the exchange has intensified its downward trend: Monero dropped more than 10% immediately following the announcement, currently trading at approximately $144.50. Analysts are now scrutinizing whether it can maintain above significant support points at $150 and $155, as further falls could challenge even lower resistance around $135.

Despite some current signs of bearishness, technical indicators suggest Monero could rebound. The Moving Average Convergence Divergence hints at a minor downtrend, but the Relative Strength Index points towards potential further increases if buying activity intensifies. However, overall optimism is tempered due to the escalating selling pressure.

Will Kraken’s Delisting Of Monero In Europe Push XMR Further Below $150?

Regulatory Concerns

The removal of Monero from Kraken isn’t a standalone event; it reflects a broader pattern of escalating regulatory scrutiny on privacy coins. As concerns grow about the possible misuse of privacy coins such as Monero in illicit activities, exchanges are compelled to reassess their commitment to backing these types of assets.

In this novel regulatory landscape, Monero must strike a delicate balance between upholding its privacy pledge and ensuring full compliance – no small feat.

Monero’s distinctive attributes, such as stealth addresses and ring signatures, make it a popular pick among users prioritizing anonymity in every transaction. However, the same anonymity has also sparked concern among regulators who worry that it may potentially be exploited for illicit activities.

either persist in championing user privacy or adjust to the growing regulatory landscape.

Future Outlook

Looking ahead at Monero’s price trend, various analysts offer contrasting predictions. Some believe that if regulatory hurdles are navigated and adoption continues to climb, Monero could reach higher price milestones as early as mid-2026, potentially even reaching its previous peak of around $518. However, others express skepticism, arguing that without significant shifts in market opinion or clearer regulation, Monero (XMR) may struggle to maintain its worth.

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2024-10-03 09:11