Monero (XMR) is building strong momentum following THORChain's latest update, which adds support for direct Monero trading. The cryptocurrency is showing rising market activity alongside positive technical indicators, and further gains could follow if key resistance levels are broken.

At the time of writing, XMR is trading at $519.70 with a 24-hour trading volume of $466.65 million and a market capitalization of $9.81 billion, according to CoinMarketCap. XMR has risen 10.26% over the past 24 hours, leaving the price well above its key moving averages and confirming underlying strength in both short- and medium-term trends.

Monero Gains Momentum After THORChain Upgrade

According to a report from BSCN News, Monero has appreciated by more than 45% during August — its best monthly performance since April 2021. The current bull run has enabled the coin to breach several important moving averages.

Monero Surges as THORChain Opens Direct Monero Trading

Monero has gained 10% in 24 hours and more than 45% in August, marking its strongest monthly performance since April 2021. The rally comes as THORChain launched version 3.20 with direct monero:native trading support. Users… pic.twitter.com/LCGh2xD9vd

— BSCN (@BSCNews) August 31, 2026

https://x.com/BSCNews/status/2094327128410226784

A key driver of the recent surge is THORChain's version 3.20 update, which directly supports Monero trading. The update lets users swap XMR for BTC, ETH, and even stablecoins without relying on centralized exchanges. THORChain has also rolled out its own Protocol-Owned Liquidity and Stable Reserve system for stablecoin trades.

The significance of this integration is amplified by Monero's history with centralized venues. Monero is a privacy-focused cryptocurrency that uses ring signatures and stealth addresses to obscure transaction details, and a number of major exchanges — including Binance and OKX — have delisted XMR in recent years, citing regulatory concerns around privacy coins. That has left Monero holders with fewer mainstream avenues for trading, which makes decentralized, non-custodial liquidity routes like THORChain's notably more relevant to the XMR market.

THORChain itself is a cross-chain liquidity protocol that enables native asset swaps across different blockchains without wrapped tokens or intermediaries, so the addition of monero:native support extends that model to Monero directly.

The development comes as demand for Monero is rising. Open interest in XMR grew significantly in August, expanding from $131 million to close to $320 million.

Monero Price Shows Strong Bullish Signals

Technical indicators also point to strength in Monero's price. According to TradingView data, XMR touched a high of $522.69 after moving above its upper Bollinger Band at $498.97. The middle Bollinger Band sits near $432.91, while the lower band stands at $366.85. A price above the upper Bollinger Band indicates significant buying pressure.

The MACD reading aligns with the bullish setup as well. The MACD stands at 29.98, above the signal line at 22.93, and the histogram shows a positive value of 7.05.

Monero Price Could Consolidate Before Next Move

Despite the recent breakout, XMR may be positioned for consolidation over the next two to three trading sessions. The projected trading range is between $487.38 and $531.66. Holding above the lower end of that range would allow Monero to keep rising, while a break above $531.66 could set the stage for another upward push. Conversely, if the price falls below current support at $497.15, a pullback may be expected.

For now, Monero remains in an uptrend, supported by positive technical signals and rising market interest. How the newly opened THORChain liquidity routes are used, and whether other decentralized protocols follow with their own Monero support, will help show whether this access point becomes a durable feature of the XMR market.