Is this the start of a new narrative? Or rather a temporary rise that will soon undergo a retracement from below? With a jump of several hundred percent, the Verge cryptocurrency (XVG) has joined the top 200 market capitalisations. The rise of this token coincides with the recent events surrounding anonymous cryptocurrencies on the Binance platform. Could this have had an impact?
Verge (XVG) climbs back into the Top 200
What a surprise it was for holders of the XVG token when its price shot up several hundred percent in just a few days.
Founded in 2014 as an open source project, Verge’s aim is to democratise transactions that respect people’s personal data by relying on anonymous networks.
Whether pure coincidence or a genuine correlation, Binance was speaking out on the subject of anonymity-enhanced cryptocurrency trading (CAE) just one day before the XVG token exploded on the up. As a reminder, after declaring the end of EACs on its platform, the world’s number 1 exchange reversed its decision for 7 of the 12 cryptocurrencies concerned, including Project Verge.
At $0.0016 on 26 June 2026, its price quickly climbed to new annual highs, reaching $0.0094 today, an increase of 587% in the space of 10 days, a rare performance in this bear market.
Price of the Verge (XVG) from 26 June to 05 July 2023
Are the other anonymous cryptocurrencies involved in the Binance reversal experiencing similar rises? According to their prices, none of them are seeing such a performance. In fact, some of them have seen no rise of more than a few percent since the exchange’s announcement, as evidenced by the tokens PIVX and SCRT.
An increase to be put into perspective
Thanks to its significant growth, the XVG cryptocurrency has partially erased the fall in its price caused by the market’s downward trend. The last time it reached such a high level was in April 2022.
However, investors should remain vigilant: as with any token that experiences a meteoric rise, XVG is likely to experience a downward retracement. Similarly, since reaching its highest price in December 2017, its price has never set a new record:
Price of Verge (XVG) between May 2016 and July 2023
With an ATH of $0.261, the cryptocurrency is far from having caught up with its highest price. This is evidenced by the chart above, where the rapid rise of the last few days looks minuscule compared to its previous increases.
Since its peak, XVG has fallen by 96%, a price that has been divided by 20. Over the same period, Bitcoin (BTC) has recorded a profit of more than 50%. What’s more, the price at which this cryptocurrency was stabilising before its rise ($0.0016) was very low compared with its price during the previous down cycle.
In the world of cryptocurrencies, volatility is something to watch out for, especially with this category of token where technical analysis data shows a gradual disinterest in the project over the long term.
