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Does This Hard Fork of Verge Rise its Value to Past Highs?

Does This Hard Fork of Verge Rise its Value to Past Highs?

  • Verge is an open-source cryptocurrency that is designed mostly for people who want more secure transactions.
  • It offers anonymous transactions by making the IP address of users unclear with Tor.
  • The firm behind this privacy coin announced that hard fork would take place on block 3,700,000.

In Verge, it is challenging to determine the geolocation of the users. Verge was one of the biggest risers in the bull market, but it has been decreasing since then. XVG is the symbol of Verge, it was introduced in the year 2014 developed by Justin Sunerock.

Verge is an open-source project that uses Tor to encrypt and hide transaction address. The current total supply of Verge is on its way to reaching 16,555,000,000. So as maintaining such huge data is complicated and it takes around four years more for the adjustments to make strategic decisions.

Without adjustments, the company would face the problem as miners would make nothing but transaction fees and thereby certain Miners would opt-out under this type of processed model. Van Zanten said that –

“If miners go from making 730 XVG per block, making 1 or 2 coins maximum or 0 sometimes, they are going to go away and my something profitable.”

The new hard fork would make the Verge miners profitable so that the protocol remains with secured network. This hard fork could have an impact on XVG’s price.

Spike in price

In November 2014, the market price of Verge increased 50 percent in 2 days, reaching its value to 65 satoshis. But after that, the price drained to 33 satoshis and this was the lowest weekly RSI value ever recorded.

Verge price analysis

Over the past few weeks, Verge saw a growth of about 50 percent in its price from $0.0036 to $0.0055. The 150 days market price moving of the company average has a strong level of resistance, preventing XVG from going higher.

From that time, this cryptocurrency was pulled back over 18 percent and is now trading around 38.2 percent. If the selling pressure of the Verge continues to increase, XVG could remain trading within Channel to hit 50 percent.

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About Harsha Puvvala

harsha
Harsha puvvala is a writer for Thecoinrepublic. He is a bachelor of technology student at Jawaharlal Technological University Vizianagaram. He is interested in digital currencies especially blockchain, ethereum. He hopes to conduct research on these digital currencies for financial asset development.

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