Are Mecon Cash and Mobie Pay Part of the Rise?
During the past 2 weeks Verge (XVG) has had one of the most significant rises in the world of cryptocurrencies. As per CoinGecko, the privacy-centric coin was trading at just $0.00352635 on the 21st of May and is currently trading at $0.00742243 a 110% rise in its USD value. XVG rose even sharper in its Bitcoin evaluation as well. During the same timeframe it grew from 0.00000039 BTC to 0.00000090 BTC, a sharper 130% climb.
Verge's trading volume has also greatly increased during the week or two as well. Yesterday it reached recent highs of $36,935,582 and today its 24-hour volume is listed just below it at $30,514,620. The last time Verge had similar or higher trading volume was early December 2019.
Verge & Partnerships
Recently Verge revealed two significant partnerships which likely sparked this bullrun. The first of which was their partnership with Mecon Cash. While it was announced in April, the partnership took effect on the 21st of May. Essentially it accepted XVG as a currency on all of Mecon Cash's 13,000 ATM locations across South Korea. Additionally, XVG can also be used to pay for games that accept M. pay rewards.
This likely increased the exposure of XVG to many South Koreans. The Asian nation is known to be one of the more crypto enthusiastic countries.
Another interesting partnership that was recently announced was with Mobie Pay, a cryptocurrency merchant gateway. This will allow XVG holders to make purchases in real world locations with their Verge.
The Golden Cross & XVG
It seems that Verge's rise might be far from over. Earlier today, a Twitter user called the Endorian noticed a golden cross forming.
In technical analysis, a golden cross is when a 50-day moving average and a 200-day moving average cross. This usually indicates that a sharp rise is about to take place. While it is hard to tell how much XVG will rise further, it is a sharp bullish sign of further rises.
Verge's 2018 partnership
with PornHub in 2018 made very large headlines and also pushed its price higher.
Should Verge publish more partnerships in the near future, a rise in its value seems to be almost a certainty. We could possibly see it in the top 40 cryptocurrencies soon.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado