Why Has XVG Jumped Nearly 400% in the Last Week?

[arhipova]

Insights into Verge (XVG) Market Outlook and Performance

Verge (XVG) is a cryptocurrency that places a strong emphasis on privacy and anonymity. If you have been keeping up with recent crypto news, you will know XVG has been on a wild ride lately— with an near-incredible 400% surge in value over just one week.

According to data from CoinGecko, this alt-coin has caught the eye of crypto enthusiasts globally.

With a remarkable 24-hour trading volume of $489 million and a market cap that has soared to $96 million, Verge is making waves in the crypto space recently.

The Alt coin was launched in 2014, but it gained absolute momentum during the Bitcoin-fueled bull run of 2017.

So, what sets Verge apart? Why has it been rising in interest and popularity since inception?

This cryptocurrency is all about providing a fast, efficient, and privacy-focused blockchain for transactions.

Sure, a lot of other crypto boasts of privacy and security: it is the real essence of crypto. Still, Verge (XVG) prices against the USD remained steady until the past week, before it skyrocketed overnight.

What's driving the recent surge in Verge (XVG) prices?

The recent surge in XVG price has been monumental.

Within a span of just a few weeks, it has skyrocketed by almost a staggering 400%, leaving other cryptocurrencies guessing for momentum.

The momentum behind this rally gained even more steam on July 3, propelling XVG to new heights. What makes this unprecedented XVG surge even more impressive is the corresponding increase in the XVG's market cap.

In the past 24 hours also, the market cap of XVG is fluctuating.

And that incident alone catapulted the coin into the top 250 cryptocurrencies based on market capitalization.


Currently, the XVG price is hovering around the critical resistance area of $0.0060. This level is not only significant in the short term, but also holds significant long-term importance.

In short, if XVG manages to break out of this resistance, it has the potential to surge tenfold.

So, why did it happen almost overnight?

Some analysts believe that the recent price surge in XVG is possibly driven by market manipulation, as can be the case with huge surges in the crypto world.
It could be a handiwork of influential individuals or entities, often called whales. These whales or groups of whales may be working at creating artificial demand, leading to inflated prices and trading volumes.

In the end, it could just be a ploy to offload their holdings at a higher price, leaving retail investors vulnerable to huge and unannounced potential losses.

While it is essential to track market trends and price movements, it is crucial for you to remain aware of potential market manipulation.

As an investor, you must stay informed and exercise caution at all times.

Key Highlights

Verge (XVG) price surged by 400%, hitting a new yearly high.
Long-term price action and technical indicators suggest a continued upward trend.
Whales may be targeting Verge due to its large following, potentially causing market manipulation.
A short-term pull back is possible if the $0.0060 resistance is not cleared.
Despite the recent bear market, Verge has seen a staggering 259,000% surge from its all-time low.
Caution is advised for entering at current levels due to the unfavorable risk-reward ratio.


What do you think, the price of XVG will go from here ?

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[Godday]

Currently according to data from CMC, trading volume of XVG has fallen by 40%. I can't say this is good or bad. But if you look at XVG's performance over the years I think XVG will still continue to go up because XVG has hit $0.05 and $0.2 on their ATH.

[@sriyan]

XVG price can be changed by a variety of factors.

1. Market speculation
2. News related to the XVG project
3. Overall market trend (BTC is pumping)
4. New partnerships with XVG
5. Technological developments of the XVG project.

[AbuBhakar]

There’s no specific news that will backed verge recent pump but one thing is for sure that whales is accumulating for a potential inside trade or this group of whale is just setting a bull trap. Verge project is considered as dead project because of no improvement happened on their blockchain development side. Someone knew that there will be a huge update on this project and other user that watching this project is just riding wave.

Verge price is on the very bottom if we consider it’s ATH. I think this is an inside trade that cause those massive accumulation on low price. This project experienced 51% attack. There’s no way some random whale will purchase token without holding solid news on this project.

[robattfield]

If as far as I understand some unofficial sources are looking at it as a way to pump/dump, actually I've been following it but there isn't much to it, maybe a story from the past and when the price showed signs of bullishness along with the positive trend of bitcoin at that time, it seemed to be a wave for the whales to legitimately push the price so, there was some news that i heard about the marketing and PR strides as promised by Justin Vendetta and the Verge team as they prepare for crowd funding back in March. But honestly it's similar to some altcoins at this stage everyone Everything happens in the short term and is not sustainable for us in the long run.

[cryptoaddictchie]

Currently according to data from CMC, trading volume of XVG has fallen by 40%. I can't say this is good or bad. But if you look at XVG's performance over the years I think XVG will still continue to go up because XVG has hit $0.05 and $0.2 on their ATH.

Thats a lot of multiplier to go their ATH. It seems some alts keep moving closer and closer, Im not sure if this is what they called bull run but not other coins performance doing this. We should just bet our favorite alts that gonna move like xvg. Doing a 400% means a literally profit for some who manage to bought few months back. Hope I did bought xvg before. Lucky for some guys who bought that.