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.
- Trading price of Monero (XMR) against the US Dollar was 75.30 USD
- Monero vs Bitcoin was trading at 0.00728966 BTC
- Market capitalization 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 press time, the 24-hrs trading volume in Monero (XMR) was 66,527,576 USD
- Ranked at 10th place in the list of cryptocurrencies
Monero Price Comparison:
On August 19, Monero price was seen trading at around $90.4. After 25 days, the coin has declined by a substantial margin of 16.7%. In a week, the XMR price has gone down by 2.44%, from the price of $77.21 on September 09. The intraday price movement also paints a similar picture where the coin closed the day at $76.04, with a decline of 1.03%.
Monero Price Prediction:
In the month of September, Monero 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, according to our XMR Price Prediction, it is most likely to trade around $150 by year-end. For now, Monero has a support level at $72.8. Further, there is immediate resistance at $78.67.
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.
