Monero avoids crypto market rout, but XMR price still risks 20% drop by June By Cointelegraph

Monero avoids crypto market rout, but XMR price still risks 20% drop by June

CryptocurrencyMay 09, 2022 08:20AM ET

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Monero avoids crypto market rout, but XMR price still risks 20% drop by June

Monero (XMR) has shown a surprising resilience against the United States Federal Reserve’s hawkish policies that pushed the prices of most of its crypto rivals — including the top dog Bitcoin (BTC) — lower last week.

XMR price closed the previous week 2.37% higher at $217, data from Binance shows. In comparison, BTC, which typically influences the broader crypto market, finished the week down 11.55%. The second-largest crypto, Ether (ETH), also plunged 11% in the same period.

XMR/USD vs. BTC/USD vs. ETH/USD weekly price chart. Source: TradingView

XMR/USD weekly price chart. Source: TradingView

XMR's correlation with Bitcoin. Source: TradingView

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Monero avoids crypto market rout, but XMR price still risks 20% drop by June

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