Monero (XMR) Surges 40%, XRP Powers Crypto Rally on ETF Approval

Crypto markets saw solid gains on Monday, with Bitcoin (BTC) trading above $94,000 and the CoinDesk 20 index, which tracks the largest cryptocurrencies, rising by 2.2% as European markets opened.

XRP led the charge among major coins, soaring nearly 7% after ProShares secured SEC approval for three XRP futures ETFs set to launch on April 30. Cardano (ADA) added more than 3%, and BNB saw a 1% uptick. Ether (ETH), however, remained unchanged.

The standout performer of the day was Monero (XMR), which saw an explosive 40% increase, reaching as high as $371—its highest point since May 2021—before settling at around $264, up 15% in the past 24 hours.

XMR’s trading volume surged dramatically, spiking from an average of $50 million over the past week to over $220 million in just one day.

On-chain analyst ZachXBT pointed to a possible cause: a suspicious transfer of 3,520 BTC, worth about $330.7 million, which was later swapped into XMR. This influx of capital into the relatively illiquid privacy coin likely triggered the price spike.

Monero operates on the CryptoNote protocol, ensuring its transactions are private and untraceable.

Market Sentiment and Macro Considerations

Investor sentiment remains cautiously optimistic, as macroeconomic factors continue to weigh on broader market expectations.

“Bitcoin remains steady above $92,000 due to a shift in the Trump administration’s stance on crypto tariffs,” explained Jupiter Zheng, Partner at HashKey Capital, in a Telegram message. “This crypto-friendly policy could help Bitcoin and other assets chart their own growth paths, separate from traditional equities, fostering further innovation.”

While U.S. equity futures were down 0.6%, signaling a potential end to a four-day rally, global markets showed mixed signals. Gold pared last week’s record gains, and major Asian indices, including Hong Kong’s Hang Seng, ended flat.