A new privacy protocol called Triptych could improve the privacy and scalability of Monero (XMR) as described in a January 6 research paper.
Triptych builds upon Ring Confidential Transactions, also known as RingCTs, which is the mechanism used by Monero (XMR) to obscure the value of a transaction. RingCTs use decoy inputs in order to obscure which input is the real input. However, at this point, only 10 decoys are used since more than that would lead to scalability problems.
Triptych uses logarithmic scaling, allowing far more decoys to be used, to the tune of 512 decoys. Further, Triptych can generate these 512 decoys in only 45 milliseconds.
Basically, with Triptych far more transaction input decoys can be generated, making it truly impossible for an outside attacker to figure out the value of a transaction.
Although this technology sounds highly useful for a privacy coin like Monero (XMR), it still has to go through a review process, and a hard fork would have to occur for Triptych to be implemented. Therefore, it could be several months before Triptych goes live on the Monero (XMR) blockchain.
Beyond Triptych, other privacy protocols under consideration for Monero (XMR) include RingCT 3.0, CLSAG, Lelantus, and Omniring.
Essentially, as technology improves in general, Monero (XMR) is in an arms race to maintain its privacy characteristics. Indeed, Monero (XMR) implemented bulletproofs in October 2018 and RandomX this November. That being said, it seems Monero (XMR) is winning this privacy arms race and will remain anonymous for the foreseeable future.