XMR reaches consensus for July hard fork, could this lead to an increased value?

Monero XMR/USD is a decentralized, privacy-enhancing blockchain network.

The main goal of this blockchain network is to make transaction details, such as the amount of every transaction, anonymous through the process of disguising the addresses that are used by the participants.

The July hard fork as a catalyst for growth

On March 3, 2022, we covered how PrimeXBT listed Monero.

The Monero network passed a community consensus to initiate a mainnet hard fork, which will occur at a height of 2,668,888, at a specified date on July 16 of 2022.

What this means is that the hard fork will initiate and will include upgrades, such as increasing the chain’s ring size from 11 to 16, as well as adding view tags to outputs as a means of reducing the wallet scanning time, alongside the introduction of bulletproofs and the implementation of fee changes.

Should you buy Monero (XMR)?

On April 19, 2022, Monero (XMR) had a value of $259.25.

In order for us to get a better perspective as to what kind of value point this is for the XMR token, we will be going over its all-time high point of value, alongside the performance the token showcased throughout the span of the previous month.

When we go over the all-time high value of Monero (XMR), the token had its ATH of $542.33 on January 9, 2018. Here we can see that, at its ATH, the token was $283.08 higher in value or by 109%.

However, when we take a look at the performance of the token throughout the previous month, Monero (XMR) had its lowest point of value on March 7 at $154.95.

Its highest point of value, however, was on March 29, when the token reached a value of $224.38. This gives us an indication that the XMR token increased in value by $69.43 or by 44%.

With this in mind, we can expect XMR to reach $300 by the end of April, making it a solid token to buy. However, after the July hard fork, the token also has further potential for growth, and might reach $340 by the end of July.

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