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

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  • Europol’s latest report names Monero as one of the most used cryptocurrencies on the Darkweb
  • Earlier this week, the privacy-focused currency logged the highest levels since September 2018
  • A deeper correction could push XMR towards $108, which should be seen as a buying opportunity

Monero (XMR) price is trading nearly 5% lower this week after an impressive rally that resulted in a new 2-year high. The digital asset focused on privacy has also found itself in the Europol’s latest organized crime report.

Privacy-enhanced cryptocurrencies rising in popularity 

In its new report, Europol said privacy-improving wallet services and cryptocurrencies are the ‘top threats’ when it comes to cybercrime. Furthermore, the agency named Monero as one of the most used cryptocurrencies on the Darkweb.

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Europol released the new 2020 Internet Organized Crime Threat Assessment report, in which it mentioned coin mixing tools including Wasabi and Samourai wallets, considered to be “top threats.” Europol also highlighted other aspects that are a matter of concern. 

“Samurai, for example, offers remote wipe SMS commands when under distress. These wallets do not necessarily remove the link between the origin and destination of the funds but certainly make cryptocurrency tracing much more challenging,” Europol said.

In the report, the European agency named ‘administrators of underground markets’ who’re associated with such wallet services. In addition, Europol also said a lot of these cybercriminals use hardware cryptocurrency wallets.

The reason for this is because offline wallets safely keep the phrases and “private keys for a wide range of cryptocurrencies.” The report, which provides a thorough observation of online criminal activities around the globe also pointed out the use of privacy cryptocurrencies on the Darkweb. 

Europol said that at first, Bitcoin was the most popular transaction tool on the Darkweb, however, over the years, the perpetrators started using other cryptos such as Litecoin, Ethereum, Monero, Zcash, and Dash.

“While Bitcoin still remains the most popular payment method, the use of privacy-enhanced cryptocurrencies has somewhat increased albeit not at the rate expected by their proponents.”

When it comes to Darkweb, Monero is progressively becoming the first-choice transaction tool, 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-focused currency logged the highest levels since September 2018. The buyers came close to touch the key short-term target at $140, before a correction started taking place. 

The bulls will now fight to secure a weekly close above $121, which is the former multi-year high, which will offer a base for them to attack levels around $140. A deeper correction could push XMR towards $108, which would yield a good entry point to invest in Monero

Summary

The European law enforcement agency Europol released a new report on cybercrime, in which it named Monero as one of the most popular transaction tools on the Darkweb. In the meantime, the price action has corrected lower to test the nearby support.