Created in 2014, Verge is an open-source cryptocurrency. It offers anonymous transactions by hiding the IP address and geolocation of its users. Last year’s crypto market slump combined with two recent hacks that the coin has faced have doubled the negative impact to XVG price.
However, despite these recent setbacks, recent development points to there still being reasons for optimism on XVG price. Here we’ll detail out what might see a boost for Verge.
Experts’ Opinion On Why Verge XVG Price Will Rise
Experts believe that the Verge (XVG) price will surpass predictions for the long-term. The coin faced some harsh conditions in 2018, but analysts believe that towards the end of this year it will be different for the coin. Let’s look at reasons why experts foresee a great future for Verge.
According to Chriss Chase, the head of marketing and operations at the firm, the cryptocurrency suffered a similar fate as other digital coins throughout 2018. But these market conditions did not affect the acquisition of new partners and developments. The team has worked to ensure more partnerships, which if successful, will propel the coin’s price to greater heights in the future.
John McAfee posted a tweet promoting the project. On this tweet, McAfee stated that Verge is a good coin to invest, and also predicted that the coin’s price would hit $15! He has since said that he meant $0.15 which would be close to its peak price of $0.22 recorded in December 2017. Nonetheless, he is known to make crazy predictions.
Moreover, expert analysis by BitDegree gave various reasons why they think the coin is a good investment. Among the reasons, is that the platform became the first privacy coin to facilitate smart contract technology, and added that this could push the coin’s price higher.
Other factors influencing the price of Verge include;
Bitnovo adds support for XVG
Recently, Bitnovo a crypto exchange platform decided to add support for XVG. A move that will see crypto users in Spain and Italy purchase XVG via ATMs through their over 20,000 stores. Bitnovo started operating in 2016 and has become a significant player in the crypto industry.
The platform announced Twitter stating:
“We also have Bitnovo exchangeable coupons to buy Verge, available in establishments like Fnac, Eroski, Carrefour, in Spain and Italy. A simple way to acquire #Verge.”
The company adds that users can quickly buy and receive XVG in their wallet. Also, they can buy anonymously using the platform’s vouchers and gift cards fast for users to purchase and receive XVG to access the platform, users also have the option of using prepaid debit cards or a mobile app (IOS and Android).
This move should bring new users to the Verge, and as a result, it will boost XVG price.
In another move that will boost the price of XVG, Crypto Planet – one of the largest and fastest growing e-commerce retailer using crypto has decided to add support for XVG. The platform is built to address the need for affordable shopping destination using virtual currencies.
It focuses on the accessibility of all kinds of products in the electronic and apparel space. Also, it allows people to use the currency of their choice to make purchases.
To motivate more users to use the privacy coin, they will offer discounts for purchases made with the Verge using the #ILoveVerge code.
In a Twitter announcement, the retailer says:
“We would like to congratulate @vergecurrency for successfully integrating with our Online Store. Verge Network Participants can now Shop Goods with $XVG. We are offering a 15% Discount on the First 1000 Orders Purchased with $XVG.”
Adult Website Payment Gateway
In another move that will add more users to the Verge network, Pornhub, the world’s leading adult website started accepting XVG on the platform. The announcement was made in April. Corey Price, the CEO of the adult website, said that Verge offered security and convenience. Something that makes XVG suitable as a means of payment when compared other crypto coins.
The official statement published on the website read:
“The future has come. In our efforts to keep current with our community’s privacy and payment preferences, Pornhub will now be accepting Verge as a means of payment for services like Pornhub Premium and more, on our platforms. Building on Verge’s core values of security, anonymity, and practicality, the introduction of this cryptocurrency as a means of payment Pornhub signifies an important foray into the future from the industry that is always on the cutting edge of technology.”
More details on the partnership can be found here, detailing also how this may affect Verge’s visiblity and XVG price.
Alanmasters thinks that Verge (XVGBTC) is now breaking out of a falling wedge. So far the retrace might not be completed, but this pair can move from here. However, we may have to see a high volume candle as well as a close above EMA10 to confirm the bullish strength. The analyst notes that if there is no follow up by the bulls on the green candle, XVGBTC could retrace lower to 90-105 satoshis before trying to move up again.
Verge is on a great bullish setup, and it’s forming a bullish engulfing candlestick in the 4H chart above. The already established falling wedge seems to have broken out, and it seems we have an excellent spike from XVG. The volume looks good in addition to EMA, which is below the price, and both MACD and RSI are in favour of the bulls.
According to the analyst, the accumulation area lies at 110sats to 115 sats. As for the distribution area, short term targets lie at;
Target 1: 121 sats
Target 2: 128 sats
Target 3: 134 sats
Target 4: 140 sats
Target 5: 148 sats
Target 6: 158 sats
Stop Loss: 100 sats
Capital Accumulation: 4%
Martinbrits28 believes Verge is looking for a way to break out of the descending wedge. Now the question is, will it complete the inverse H&S to do so or will it drop to the potential BUY box at (E) before doing so. According to the analyst, XVG is likely to take the latter path due to the bearish divergence on the RSI (6hrs).