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In the past 24 hours, the coin has pushed back up to around $326, gaining more than 2% on the day.
The question now is whether this is the beginning of a genuine recovery or just a short-lived bounce in an otherwise weak trend.
Two developments are driving the current price action: Cake Wallet's integration of $XMR support into FOUNDATION's Passport Prime hardware wallet, and security engineer Taylor Hornby's announcement that he is adding Monero to his audit queue.
Cake Wallet’s integration of $XMR into Passport Prime
Cake Wallet's move to integrate Monero support into FOUNDATION's Passport Prime hardware wallet is a meaningful step for $XMR holders who prioritise self-custody.
Hardware wallets represent one of the most secure ways to store cryptocurrency, and for a privacy coin like Monero, whose entire value proposition depends on users being able to hold and transact without exposure, this kind of integration matters.
The timing of the announcement is also relevant.
Binance recently delisted $XMR due to compliance concerns, which directly reduced the coin's accessibility on one of the world's largest exchanges.
When a major centralised platform removes a token, it typically forces holders to explore alternative custody and trading options.
The Cake Wallet and Passport Prime integration steps directly into that gap, giving holders a credible off-exchange option for securing their $XMR.
The Taylor Hornby audit: a double-edged catalyst
Taylor Hornby is the security engineer who used Anthropic's Claude Opus 4.8 AI model to uncover a critical vulnerability inside Zcash's Orchard privacy pool on May 29.
The bug had gone undetected since May 2022 and, in theory, could have allowed an attacker to mint an unlimited supply of counterfeit $ZEC without leaving any detectable trace.
Shielded Labs, the nonprofit developer behind Zcash, pushed through an emergency fix before June 1 and publicly disclosed the flaw shortly after. $ZEC fell 36% in the next 24 hours.
Hornby was hired by Shielded Labs in April specifically to find protocol vulnerabilities before attackers could.
When asked on X whether he would look into Monero and other privacy coins, his response was direct: "Absolutely! I'll add Monero to my queue of things to audit."
He also stated that other privacy-focused cryptocurrencies are on his list, meaning this is not a one-off review but a broader sweep of the privacy coin sector.
For Monero, this creates a binary outcome. If Hornby's audit returns clean results, it would give $XMR a meaningful credibility boost at a time when the market is already paying attention.
Monero hides transaction details by default. Unlike Zcash, where users choose between transparent and shielded addresses, which means its privacy architecture operates under different technical assumptions.
A clean bill of health from a researcher of Hornby's calibre would carry genuine weight.
On the other hand, if a vulnerability is found, the Zcash precedent is hard to ignore.
Monero ($XMR) price technical analysis
The overall crypto market sentiment is sitting at Extreme Fear, and Bitcoin dominance is running at 58.08%, which is historically high.
When BTC dominance is this elevated, capital tends to stay concentrated in Bitcoin rather than rotating into altcoins.
$XMR is not immune to that pressure, and a further drop in Bitcoin below $62,000 would likely pull the broader altcoin market, including Monero ($XMR), lower with it.
From a technical standpoint, $XMR is trading above its EMA-20 and EMA-50 on the one-hour chart but remains below the EMA-20, EMA-50, and EMA-200 on the daily chart.
Monero price analysis
The Ichimoku Kijun level at $310.34 is the immediate support to watch.
MACD is signalling a strong buy, while the RSI sits at 62.36; elevated but not yet extreme.
Stochastic RSI and CCI are both in overbought territory, which points to the possibility of a short-term pullback before any continuation higher.
In case of the pullback, a break below $320, particularly if Bitcoin weakens further, could bring Monero ($XMR) back to test the $300 area quickly.
