Monero (XMR) price corrects from the highs, approaches buy zone

  • In the latest Europol report, Monero is named as one of the most widely used cryptocurrencies on the dark web

  • Earlier this week, the privacy-focused currency hit its highest level since September 2018

  • A deeper correction could propel XMR towards USD 108, which should be viewed as a buying opportunity

Monero (XMR) price is trading almost 5% lower this week after an impressive rally that led to a new 2-year high. The data protection-oriented digital asset was also reflected in Europol's latest report on organized crime.

Cryptocurrencies with improved data protection are becoming increasingly popular

In its new report, Europol said that privacy-enhancing wallet services and cryptocurrencies are the "greatest threats" to cybercrime. In addition, the agency named Monero one of the most widely used cryptocurrencies on the dark web.

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Europol published the new 2020 internet threat assessment report, which mentions coin-blending tools such as Wasabi and Samourai purses, which are considered the "greatest threat". Europol also highlighted other issues of concern.

“Samurai, for example, offers remote SMS wiping commands when you are in need. These wallets do not necessarily remove the link between the origin and destination of the funds, but they certainly make tracking cryptocurrencies much more difficult, ”Europol said.

In the report, the European agency named "administrators of underground markets" associated with such wallet services. In addition, Europol said that many of these cyber criminals use hardware cryptocurrency wallets.

The reason for this is that offline wallets keep the phrases and "private keys for a variety of cryptocurrencies" safe. The report, which provides a thorough observation of online criminal activity around the globe, also pointed to the use of cryptocurrencies to protect privacy on the dark web.

Europol said that Bitcoin was initially the most popular transaction tool on the dark web. However, over the years, the perpetrators used other cryptos such as Litecoin, Ethereum, Monero, Zcash, and Dash.

"While Bitcoin remains the most popular payment method, with improved privacy protection, the use of cryptocurrencies has increased somewhat, albeit not at the rate their proponents expected."

When it comes to the dark web, Monero is increasingly becoming the transaction tool of choice, followed by Zcash and Dash, Europol said.

Technical analysis: XMR corrects lower

XMR / USD is trading over 4.5% lower this week after the privacy-conscious currency hit its highest level since September 2018. Buyers were nearing $ 140 main near-term target before a correction began.

Monero weekly chart (TradingView)

The bulls will now struggle to hit a weekly close above $ 121. This is the previous multi-year high that gives them a base to attack levels around USD 140. A deeper correction could propel XMR towards USD 108, which would be a good entry point to invest in Monero.

Summary

The European law enforcement agency Europol released a new report on cybercrime, in which they named Monero as one of the most popular transaction tools on the dark web. Meanwhile, the price action has been revised lower to test nearby support.



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