Monero Price Climbs after Monero Research Lab Updates FCMP+
Monero (XMR) price is up 3.61% to $364.41 after key updates, significantly outperforming a declining Bitcoin, supported by a technical breakout and strong momentum.
Its trading volume edged higher sharply, up by 33% on the day to $109 million, according to data obtained from cryptocurrency exchanges on Friday as the key update boosted optimism.
Recently, the Monero Research Lab published an update on Full Chain Membership Proofs (FCMP++), a major protocol upgrade. FCMP++ aims to expand the anonymity set for transactions from the current 16 decoys to over 100 million outputs, dramatically enhancing privacy and scalability.
This is bullish for Monero as it represents significant core development. It strengthens the project’s fundamental value proposition—superior privacy—and shows active innovation despite external pressures, which could bolster long-term holder confidence
Price action shows a breakout from a rising wedge formation, decisively moving above the daily pivot point of $352.95. The move is confirmed by a 38.65% surge in 24h volume to $109.69 million and bullish momentum readings.
The breakout suggests a shift in market structure, with buyers overpowering sellers at a key resistance level. Sustained closes above the $365 level, cited as a stop-loss for short sellers, will confirm continued bullish control.
The broader Altcoin Season Index rose 5.88% to 54/100, indicating capital may be rotating into alts like XMR while Bitcoin struggles. Social sentiment (net score 5.02/10) is mixed but shows active leveraged trading, with traders discussing specific short setups and take-profit levels around $350–$358.
XMR is attracting attention as a relative strength play, though the presence of targeted short positions indicates potential for volatility.
The immediate path hinges on the $352.95 pivot support. Holding above it opens the door to the next Fibonacci extension target at $379.68.
Traders said a failure to hold, potentially triggered by a sharp Bitcoin move or a liquidation cascade from leveraged shorts, could see a retest of the $340 support zone.
The bias is cautiously bullish but dependent on holding recently gained ground. Monero’s price surge is a combination of technical breakout confirmation and benefiting from a mild altcoin rotation, despite a fearful broader market. XRP Dips, Ripple Launches Ripple Mint for RLUSD Stablecoin
