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Why is Monero (XMR) price up more than 3% today?



The Monero coin has been in the spotlight for most of this year, while the crypto market has continued to trade sideways.


At the time of writing, XRM is trading at $282.49, up 3.36% after hitting a high of $288.82 in the past 24 hours before pulling back.


But why is the coin recovering? In this article, we will explain why Monero price is increasing.


Why is Monero (XRM) price rising?

Before we delve deeply into what is driving the current Monero price rise, it is important that we first explain what Monero (XRM) even is.


In short, Monero (XRM) is the native token of the Monero blockchain, enabling private transactions using advanced cryptography. Monero was launched in 2014.


Now let's look at the reasons for the rally.


"Fluorine Fermi" upgrade that introduces new features

One of the main reasons for the increase is the announcement via a post from one of the maintainers that they will be updating the network (Fluorine Fermi) which will be loaded with new features on July 16th at a height of block 2.6 million.


Besides, Monero will also increase its ring size (total number of signers during an XRM transaction) from 11 to 16 and offer basic privacy to users.


In addition, the network will also run the updated version of its bulletproof algorithm to reduce transaction size by 7% and improve its scalability with a faster and lighter transaction.


According to the post, the network will also reduce wallet sync time by about 40%.


Users update their software

Before the network upgrades, there will be a new updates release announcement around June 16th. Users must update their software prior to the July 16th network upgrade.



The update will be provided via a hard fork, node operators and users will need to update their software. This will be an easy update for end users.

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