Monero (XMR) Navigates a Turbulent Landscape While Maintaining Core Momentum
Monero, the privacy‑centric cryptocurrency that has long attracted a niche but devoted user base, has recently emerged as a surprising focal point in the broader alt‑season narrative. Despite a wave of delistings from several major exchanges, recent data from TRM Labs and corroborating market movements suggest that XMR’s core utility—particularly within darknet markets—has remained resilient, if not strengthened.
Persistent Activity Amid Exchange Withdrawals
TRM Labs’ latest research, released on 2026‑02‑17, confirms that transaction volume on the Monero network has not only held steady but, in certain segments, has increased compared with pre‑2022 levels. The study highlights that usage in 2024 and 2025 remained above the peaks observed before the widespread delistings. This trend counters the narrative that exchange removal necessarily translates to a collapse in on‑chain demand.
The persistence of activity is especially noteworthy given Monero’s primary appeal: anonymity. As regulators intensify scrutiny over privacy coins, the fact that XMR continues to see robust transaction flow indicates a persistent need for untraceable payments, particularly among darknet vendors who have shifted to XMR as a preferred medium of exchange.
Market Response and Price Dynamics
The market has reacted predictably to the TRM Labs findings. Following the report, XMR’s price surged, reaching an intra‑day high of $344 on 2026‑02‑17. This spike represented a near‑10 % gain from the $330.25 close recorded on 2026‑02‑17, underscoring the sensitivity of XMR’s valuation to perceived network health.
The upward trajectory continued into the following day. By 2026‑02‑19, CoinGecko and other price aggregators noted that XMR hovered above the $330 threshold, signalling that the price rally has sustained momentum beyond the initial reactionary surge. This resilience is particularly significant when viewed against the broader backdrop of a market that has seen widespread sell‑offs and volatility across major assets.
Contextualizing Within a Broader Crypto Environment
While Monero’s performance stands out, it is essential to interpret these developments in the context of the broader crypto market. Other notable movements on 2026‑02‑17—such as Bitcoin Cash’s record‑setting February and the continued consolidation around Bitcoin—illustrate the sector’s fragmentation. In contrast, Monero’s niche positioning and consistent on‑chain activity suggest a lower sensitivity to macro‑market swings.
Furthermore, the recent announcement regarding Base’s transition away from the OP stack (Decrypt, 2026‑02‑19) has injected a degree of uncertainty into the Ethereum ecosystem. While this development primarily affects DeFi protocols built on Base, it may indirectly benefit privacy‑focused coins like XMR that are perceived as safer havens amid protocol‑specific risk.
Forward‑Looking Outlook
Given the current data, several key insights emerge for stakeholders considering Monero:
- Core Demand Remains Intact – Even with exchange delistings, transaction volume continues to reflect a stable user base, implying that Monero’s privacy features remain indispensable for its core demographic.
- Price Volatility Is Contained – While XMR experienced a sharp rally in mid‑February, the price has since stabilized near the $330 mark, suggesting that the asset is not yet subject to runaway speculation.
- Potential for Institutional Re‑entry – The ongoing narrative around privacy coins may prompt cautious institutional interest, particularly from entities seeking diversification or hedging against regulatory pressures.
In sum, Monero’s trajectory over the past week exemplifies a cryptocurrency that, while peripheral to mainstream exchanges, maintains a robust internal ecosystem. Its ability to sustain transaction activity and command price appreciation amid a broader market downturn positions it as a potential underdog in the impending alt‑season.
