Monero’s crypto protocol upgrade Is now live, how will this affect XMR value?

Monero (XMR) Crypto being held between 2 fingers

Monero (XMR/USD) is a privacy cryptocurrency that primarily focuses on providing its users access with total anonymity.

In other words, Monero is anonymous by default, where each transaction is private, which also means that transactions cannot be tracked. 

The key technologies utilized throughout XMR include ring signatures, stealth addresses, and RingCT.

The hard fork to upgrade to Monero as a catalyst for growth

On August 13, 2022, Monero (XMR) made an official announcement through their Twitter page that they completed a successful upgrade to the network.

“Monero is now more private and efficient with ringsize 16, Bulletproofs+, and view tags!” the team said in the tweet.

The hard fork took place at block 2,688,888 (18:47 UTC) and brought numerous enhancements to the broader network to host new privacy-preserving features.

The number of signers for a ring signature has increased from 11 to 16 for every transaction.

Its previous Bulletproofs algorithm was upgraded to “Bulletproofs+,” and view tags were introduced as a new way to speed up wallet syncing by 30-40%.

There were also fee changes made to improve the overall security of the ecosystem and minimize the fee volatility, alongside critical security patches and improved multisig functionalities.

Should you buy Monero (XMR)?

On August 15, 2022, Monero (XMR) had a value of $165.41.

To get a better perspective as to what kind of value point this is for the XMR cryptocurrency, we will be going over its all-time high point of value and its performance throughout July.

When we review its ATH, Monero (XMR) reached an all-time high value on January 9, 2018, at $542.33.

When we go over its performance in July, Monero (XMR) had its lowest point of value on July 1 at $111.53. Its highest point was on July 28 at $165.18.

Here, we can see an increase in value of $53.65 or by 48%. With this in mind, we can expect XMR to reach a value of $180 by the end of August 2022, making it a solid cryptocurrency to buy, which you can do here.

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