Why has the price of Monero (XMR) jumped by more than 3% today?

Monero coin has been in the limelight for the better part of this year as the crypto market continued to trade sideways.

At the time of writing, XRM was trading at $282.49, up 3.36% after hitting a high of $288.82 in the past 24 hours before pulling back.

But why is the coin rallying? In this article, we will discuss why Monero price rising.

Why is the price of Monero (XRM) soaring?

Before we take a deep dive into what is influencing the current Monero price hike, it’s important for us to first explain what Monero (XRM) is.

In a nutshell, Monero (XRM) is the native token of the Monero blockchain, which allows private transactions using advanced cryptography. Monero was launched in 2014.

Now let’s look at the reasons behind the rally.

“Fluorine Fermi” Upgrade that will introduce new features

One of the main reasons for the surge is the announcement made via a post by one of the maintainers that they will upgrade the network (Fluorine Fermi) that will come with new features on July 16 at a height of block 2.6 million.

Besides, Monero will also increase its ring size (total number of signers during an XRM transaction) from 11 to 16 as well as provide users with base privacy.

Additionally, the network will also execute the upgraded version of its bulletproof algorithm to lower the transaction size by 7% to improve its scalability with a faster and lighter transaction.

According to the post, the network will also reduce the wallet sync time by around 40%.

Users to update their software

There will be a new release announcement about updates before the network upgrades around June 16. Users will be required to update their software before the network upgrade on July 16.

#Monero will undergo a network upgrade on July 16th, 2022:https://t.co/9NKlGtqXAn

All users will need to do is keep their favorite wallet up to date, update their nodes once v0.18 is released (~June 16th), and enjoy even better digital cash afterwards 😎

— Monero (XMR) (@monero) April 20, 2022

The update will be deployed through a Hard Fork, node operators and users will have to update their software. This will be a simple update for end users.