Monero price fluctuates amid delayed THORChain trading activation

Monero (XMR) experienced significant price volatility in late August, recording a monthly gain of over 45% before facing resistance near $548. Despite a sharp reversal from its session high, the cryptocurrency maintained a weekly gain of approximately 21%.

The price movement is closely linked to expectations surrounding a THORChain upgrade. While some reports suggested the version 3.20 update enabled direct Monero trading, the actual deployment of the swap route has been delayed. THORChain postponed the activation of Monero and Zcash support by one to two weeks starting August 27, citing the need to prioritize network stability.

The upgrade provides the underlying infrastructure, including key generation and signing work related to Monero’s FROST threshold scheme, but the functional routing of XMR through the protocol has not yet been activated. Market activity remains high, with Monero's market capitalization hovering around $9.65 billion to $9.81 billion.