The broader crypto market is struggling to maintain momentum as major players such as XRP (XRP) and ethereum (eth) pull back from recent highs. bitcoin (btc) remains range-bound below $38,000 as buyers and sellers battle for supremacy.
However, an emerging altcoin, TG.Casino (TGC), is defying the bearish trend and gaining traction in its ongoing pre-sale event.
XRP struggles to gain momentum
At the time of writing, XRP sits just above the $0.60 level, having fallen 18% over the past two weeks.
XRP is now trading around the same level as during the first week of November, having formed a solid descending channel on the 4-hour chart.
The coin saw a brief rise on November 22 but failed to break the $0.63 resistance.
Since then, XRP has been declining alongside broader crypto market weakness.
Trading volumes have also reduced slightly, with Daily volume reduced to $1.4 billion. in the last 24 hours.
Overall, the technical picture suggests that XRP could suffer further losses if the bearish momentum continues.
However, the fundamentals behind Ripple and XRP remain positive, especially now that the battle with the Securities and Exchange Commission (SEC) is almost over.
As such, XRP bulls will wait for a break above $0.63 to signal a possible trend reversal to the upside.
ethereum price falls
ethereum has also pulled back in recent days, with its price falling below $2,050 at the time of writing.
The world’s second-largest cryptocurrency fell from highs of $2,130 last Friday and is now trading 4% below that level.
This weakness in eth price comes despite some positive on-chain metrics for ethereum.
According to DappRadar, ethereum dapps had a total value locked (TVL) of $48.67 billion in the last 30 days, representing a 14% increase from the previous month.
ethereum is also performing well in the non-fungible token (nft) space.nft-non-fungible-tokens/marketplaces/nft-marketplace-monthly-volume” rel=”noreferrer noopener”> handling $498 million in transactions in November so far.
Despite these vital metrics, the price of eth has declined amid broader struggles in the crypto market.
Analysts and traders will be watching to see if eth can reclaim the $2,100 level this week, or if more losses will materialize.
TG.Casino approaches $3 million in pre-sale
While XRP and ethereum struggle, an emerging altcoin has been defying the bearish trend and gaining ground.
crypto-news.care/?referrer=xrp–ethereum-prices-pull-back-as-crypto-market-struggles-but-this-emerging-altcoin-is-rising” target=”_blank” rel=”noreferrer noopener nofollow”>TG.Casino is a new decentralized gaming platform built on Telegram that has garnered a lot of interest during its ongoing pre-sale phase.
The project has already raised over $2.9 million in just two months as retail investors appear to back its potential.
TG.Casino offers several casino games on Telegram without the need for KYC checks.
Players can enjoy live casino games, slots, and even a full sportsbook, all powered by the native TGC token.
TGC holders also receive a 25% refund on losses when staking the token.
TG.Casino also implements a buy-and-burn mechanism, whereby a portion of the casino’s profits will be used to buy back TGC on the open market once they are listed on the exchanges.
According to TG.Casino White paperSome of these repurchased tokens will be distributed to TGC holders, and the remaining portion will be permanently burned to reduce the overall supply.
This mechanism aims to create deflationary pressure, potentially increasing its value over time.
TG.Casino even offers staking rewards up to 194% APYallowing TGC holders to earn passive income while enjoying the platform’s games.
Overall, while major cryptocurrencies struggle, TG.Casino is gaining momentum and is free to explore for users tracking the GambleFi space.
crypto-news.care/?referrer=xrp–ethereum-prices-pull-back-as-crypto-market-struggles-but-this-emerging-altcoin-is-rising” target=”_blank” rel=”noreferrer noopener”>Visit the TG.Casino pre-sale
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