XMR Trend is Bearish; The Foundation is in the Process of Phasing Out Long Payment IDs

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The Monero Foundation recently announced for the phasing out long payment IDs this year. Citing the lack of privacy and a source of negative user experience, the foundation requested users to upgrade those to either integrated addresses or sub-addresses. Further, there has been some discussion among the development team for the phasing out integrated addresses as well. In that case, one should upgrade to sub-addresses directly to avoid additional work.

Current Statistics (On Sept. 15, at UTC 09:18):

Monero

  • The trading price of Monero (XMR) against the US Dollar was 75.30 USD.
  • At the same time, Monero vs Bitcoin was trading at 0.00728966 BTC.
  • Additionally, the market capitalization of the crypto altcoin was 1,297,812,619 USD.
  • With a return on investment of 2,948.59%, the total Monero (XMR) chips circulating in the market was 17,209,244 XMR.
  • At the time of writing, the 24-hrs trading volume in Monero (XMR) was 66,527,576 USD.
  • On top of that, the altcoin is ranked at 10th place in the cryptocurrency chart.

Monero Price Comparison:

On August 19, Monero (XMR) was trading at 90.4 USD. However, today after 25-days, the altcoin has declined by a substantial margin of 16.7%. Similarly, In the weekly chart, the crypto has gone down by 2.44%, from the trading price of 77.21 USD on September 09. Coin’s intraday action also paints a similar picture where it closed the day 76.04 USD, with a decline of 1.03%.

Monero Price Prediction:

In the month of September, Monero (XMR) has shown a bit of stability. It surpassed the earlier declining trend and once went in the green zone for a brief period of time. As far as trends are concerned, it is most likely to trade around 150 USD by the end of the year. For now, Monero has a support level at 72.8 USD. Further, there is immediate resistance at 78.67 USD.

Conclusion:

The renewing of IDs is a good move for the crypto developers. Although it creates some difficulty in the short term, it has some huge long term benefits. Meanwhile, the short term and medium term is bearish. However, the long term appears bullish.