Monero Price Prediction: XMR Topped $600 After Peter Brandt Turned Bullish. Is It Too Late to Buy?
Peter Brandt just called Monero his favorite crypto, and XMR surged past $600 in response. But with $261 million in leveraged positions riding on its next move, the rally could flip into a rapid retreat before most investors get a…
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Monero (CRYPTO: XMR) recently crossed the $600 mark, reaching a 24-hour high of $606. Renewed interest in Monero price predictions comes as XMR trades around $595 as of October 19, 2026, just below that threshold, after hitting a low of $573 the same day. The dramatic price movement has reignited discussions among traders and investors.
This rally followed a positive endorsement from veteran chart analyst Peter Brandt, who named XMR as his favorite among several major cryptocurrencies in an October 6 post. Although Brandt did not specify a $600 target, many traders are eyeing this milestone because it’s a round number following his recommendation.
XMR has climbed 11% over the last seven days and up 3.7% over the past month. This makes Monero one of the few large cryptocurrencies to post a weekly gain, especially as Bitcoin (CRYPTO: BTC) has dropped by 1.8% during the same period. With this move, the question is: Is it too late to invest in XMR now that it’s above $600?
XMR Needs About 12% to Pass Dogecoin and 34% to Reach Its Record
Market capitalization is determined by multiplying a cryptocurrency’s price by the total number of coins in circulation. Currently, Monero’s market cap stands at about $11.1 billion, placing it 13th among all cryptocurrencies. To overtake Dogecoin (CRYPTO: DOGE), which has a market cap of approximately $12.4 billion, XMR would need to rise roughly 12%.
The larger challenge for XMR is its all-time high of $798, reached on January 14. Currently, XMR trades about 25.4% below that peak. If it reached $798 again, Monero’s circulating supply of more than 18.8 million XMR would put the market cap around $15 billion.
Achieving this target is more complex than it may seem because Monero has no maximum supply limit. The tail emission system, which provides a small fixed reward to miners on every block indefinitely, continues to increase the coin supply over time. Therefore, returning to $798 would require more total investment now than it did back in January.
Peter Brandt Says XMR Has Already Absorbed Its Overhead Supply
Brandt’s analysis highlighted overhead supply, coins bought at higher prices that sellers might offload once they recover their cost. He believes XMR has absorbed much of this overhead supply, suggesting less selling pressure than coins like XRP (CRYPTO: XRP) and Ethereum (CRYPTO: ETH).
Brandt’s insights have previously led to increased buying activity. For instance, on January 12, he pointed to a potential breakout for Monero, and the coin hit its all-time high just two days later. Over the last 24 hours, XMR has traded between support at $573 and resistance at $606.
XMR Futures Traders Have $261 Million in Open Positions
As of October 18, XMR’s open interest, which reflects the total value of open futures positions, was $261 million. This figure indicates the amount of trader investment tied to XMR’s next price movement.
Typically, rising open interest alongside a rising price indicates that new money is entering the market. However, many traders use borrowed funds, so if XMR’s price declines, forced selling could quickly push it back toward its support level.
Monero Is Rising While Larger Coins Fall
While XMR gained 11% over the week, Dogecoin fell by 8.9%, and Bitcoin dropped by 1.8%. Privacy coins like Monero have held up well against broader market trends, leading this group of cryptocurrencies.
This relative strength might attract buyers looking to exit weaker coins. However, if Bitcoin’s downward trend continues, the strongest altcoins may follow suit.
Monero Price Prediction: Is It Too Late to Buy XMR Above $600?
For longer-term investors, it may not be too late to buy XMR, especially since it remains 25.4% below its all-time high. Nevertheless, the initial rebound phase appears to be over, and buying at $595 puts investors near the top of the recent price range. For XMR to make a genuine push toward its record, it needs to maintain support above $573, close above $606 for a day, and subsequently surpass Dogecoin’s market cap.
Only after achieving these milestones can we realistically look to $798. If momentum from Brandt’s endorsement fades and XMR falls below $573, the $600 breakout may fail, and $261 million in open interest could worsen any decline. However, a daily close above $606 could rekindle interest and bring the January record back into view.
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Sam Daodu is a crypto analyst who's spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing
