Over $1M in Monero Shorts Liquidated as XMR Jumps 40% in a Day

Monero (XMR), the leading privacy-focused cryptocurrency, stunned traders on April 28 after surging by more than 40% within a day.

Why is Monero Price Up So Much Today?

The dramatic price rally, which pushed XMR from around $234 to $329, triggered over $1 million in short liquidations across major exchanges, according to data from Coinglass.

Short liquidations force traders to buy back the underlying asset, adding upward pressure atop the rising spot demand. That appears to be one of the primary reasons behind Monero’s sudden rise today.

Additionally, XMR’s breakout appears fueled by growing anticipation around Monero’s proposed EP159 and EP160 upgrades. These proposals aim to make Monero “compliance-friendly” by allowing users to offer proof of transaction validity without exposing sensitive private information.

Analysts suggest the upgrades could eventually lead to Monero’s potential relisting on major regulated exchanges like Binance and Coinbase, particularly under Europe’s new MiCA regulatory framework.

I bet EP159 upgrade is the reason behind Monero’s pump today.

TL;DR: $XMR going back to Binance and Coinbase, and the European market as it will now compatible with MiCA regulations.

Both EP159 and EP160 to be pushed in mainnet soon. pic.twitter.com/NDTlcnLOop

— Emmanuel G. (@e_goldstein_84) April 28, 2025

The bullish momentum is not limited to Monero. Other privacy-focused cryptocurrencies also posted strong gains in the past 24 hours.

Zcash (ZEC) rose nearly 19%, MimbleWimbleCoin (MWC) gained over 1.3%, while Dash (DASH) and Decred (DCR) climbed 6.8% and 2.7% respectively. The synchronized rally suggests a broader resurgence of interest in privacy coins amid increasing regulatory scrutiny over mainstream crypto assets.

XMR Can Drop 20% in May

Monero’s technical indicators warn of a potential correction ahead.

The XMR/USD weekly chart shows the price trading within an ascending parallel channel since mid-2024. After this week’s breakout, XMR touched the channel’s upper boundary near $330 — a historically strong resistance zone that has triggered pullbacks in past cycles.

Additionally, the Relative Strength Index (RSI) on the weekly timeframe has surged into overbought territory, currently hovering above 70. Such elevated RSI readings often precede local tops, suggesting that buying momentum is overstretched.

A pullback scenario could see XMR retest the channel’s midline or lower boundary.

Based on the Fibonacci retracement levels drawn from the 2021 peak to the 2023 bottom, a healthy correction could bring XMR down toward the $208–$267 range, with $242.30 acting as a median target due to its historical relevance as resistance.

This would represent a 20% decline from current price levels by May, as illustrated by the blue box projection on the chart.