(Update October 11, 2020) Created in 2014, Verge is an open-source cryptocurrency. It offers anonymous transactions by hiding the IP address and geolocation of its users.
The coin has a market cap of $81 million and it’s currently trading at $0.005 after a 10% change over the past 24 hours.
Verge resurgence is buoyed by PayPal’s decision to withdraw its services from the leading adult entertainment platform, Pornhub.
Also, there are other recent developments that show investors have a reason to be optimistic when it comes to the price of XVG. Below we’ll detail out factors that are likely to push the price of Verge upwards.
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.
WalletInvestor predicts that the price of XVG may reach $0.0370 by the end of this year.
MegaCryptoPrice sees the price of XVG reaching $0.7401 by the end of 2020, with the possibility of trading at $2.39 by the end of 2023.
Coin Fan predicts that XVG may reach $0.45 at the end of the year on the higher side and $0.21 on the lower side.
Digital Coin Price predicts XVG hitting $0.0257 by the end of 2020 and even reaching $0.043 by 2022.
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.”
Verge (XVG) Price Prediction TradingView Analysis Updated October 11, 2020
The XVGUSDT trading pair is also ready to move higher. The analyst shows that the virtual currency could have a support level close to 0.00359485 and it could also bottom there or close to that level.
If that happens, it is certainly possible for the analyst to see XVG moving towards 0.00605 or even higher close to 0.0065 USDT per XVG. This comes after XVG hit the bottom of a descending channel a few days ago.
In terms of volume profile against BTC, the virtual currency could certainly move to 0.00000068 BTC if it surpasses the 0.0000004 BTC price level right now.
For the XVG/USDT trading pair, we see that there are no updates from analysts. We can only understand what happened in the last few months and how the price of this virtual currency behaved. Unfortunately, the price of XVG didn’t move higher but it fell.
As you can see, XVG has fallen from a bull flag that the analyst showed and since then, it has been in a very bad situation, specifically during September. This can be seen with a bottom being reached at $0.0039 per coin a few days ago and a lack of recovery in the last few hours.
The XVG digital asset has been in a downtrend since the last week of August. The virtual currency couldn’t sustain its price growth and it didn’t follow the general trend of the market. In recent weeks, the digital asset continues falling from 0.0076 to 0.0041 USDT per XVG a few days ago.
This shows that the market is bearish about this cryptocurrency and that things could continue to get worse if a new sell-off hits the crypto market. However, we also see the virtual currency could have bottomed around 0.0041 and a new bull trend could be starting. Nonetheless, the volume has been low.
XVG is another virtual currency that seems to have made a pause after the bull run experienced post COVID-19 crisis in March this year. Despite reaching local highs, the virtual currency seems to be in a moderated correction.
According to Coinsgeeks23, the XVG/USDT trading pair is currently in a narrow ascending channel that has been operating for the last few weeks. Now, the price of the XVG digital asset has fallen below the lower band of this channel and tested it again. If the price of XVG does not come back to the channel, we could see increasing bearish pressure.
The XVG/USDT trading pair is showing bullish signs. The virtual currency was able to break out from a bullish wedge that could have been working as the 2 wave (counter-trend) before starting the third bull run.
The Mirror level that is shown by the trader in the chart is working as a clear support and resistance level for XVG. Thus, it will be important to understand which is going the role that this level will play in the future.
At the time of writing the current analysis, the price of the XVG digital asset is at 0.00681 and it has just broken out from the aforementioned bullish wedge.