Monero (XMR) transaction fees slashed massively in the wake of system upgrade

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  • Monero transactions fees fall by 69 percent beating developers’ 95% prediction.
  • The “Bulletproofs’ technology upgrade is changing the way anonymous transactions are processed on the platform.
  • XMR/USD breaks trendline support; short-term movement is bearish as per the chart’s technical indicators.

System upgrades and updates are essential matters in any network. A system upgrade is usually carried out to introduce new features, incorporate the latest software developments, increase the speed of processing data or transaction on the platform. Cryptocurrency projects constantly carry out upgrades to ensure that the system is up to date with the latest developments in the industry. Monero (XMR) network was hard forked last week on Thursday introducing the “Bulletproofs’ technology.

The users of Monero have a reason to celebrate in the wake of the upgrade. The transaction fees on the platform has decreased drastically. The “bulletproofs” technology has been activated and in return the privacy oriented coin has been lightened greatly. As reported by FXStreet, the new technology is designed to help Monero scale to greater heights by changing the way the anonymous transactions are processed and verified.

Monero’s transaction fees dropped from $0.54 recorded on Thursday to $0.021 on Saturday. This represent a 96% drop which is in tandem with the earlier predictions from the developers of Monero. Moreover, the fees are likely to fall even more depending on the type of transactions users process.

I think you can safely say a typical [transaction]fee goes down by more than 95 percent,” reckoned Menero’s core developer, “meneromoon.

Monero price technical picture

The market is painted in red on Monday. The trading over the weekend has been progressive for Monero, although the upside is capped below $108. The buyers tried to keep the price above the short-term support at $106, but XMR/USD corrected lower past the trendline support highlighted at $106.64. Monero has traded lows of $105.69 on the day but is dancing at $106.07 at the time of press. The 200SMA will offer resistance at $106.40 while the 100SMA will limit gains at $106.90. The chart outlook is bearish in the near-term with the RSI ranging below 50% after retreating from highs of 62%.

XMR/USD 15’ chart

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