The broader crypto market is struggling to maintain momentum as major players like XRP (XRP) and Ethereum (ETH) pull back from recent highs. Bitcoin (BTC) remains range-bound under $38,000 as buyers and sellers battle it for supremacy.
However, one emerging altcoin, TG.Casino (TGC) is defying the downtrend and gaining ground in its ongoing presale event.
XRP struggles for momentum
At the time of writing, XRP is hovering just above the $0.60 level, having dropped 18% in the past two weeks.
XRP is now trading around the same level it was during the first week of November, having formed a solid downward channel on the 4-hour chart.
The coin did see a brief spike on Nov. 22 but failed to break resistance at $0.63.
Since then, XRP has been declining alongside broader crypto market weakness.
Trading volumes have also dried up slightly, with daily volume down to $1.4 billion in the past 24 hours.
Overall, the technical picture suggests that XRP could see further losses if 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 all but finished.
As such, XRP bulls will be hoping for a break above $0.63 to signal a potential trend reversal to the upside.
Ethereum price slips
Ethereum has also pulled back over the last couple of days, with its price dropping 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’s 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 over the past 30 days, representing a 14% increase from the previous month.
Ethereum is also performing well in the non-fungible token (NFT) space, handling $498 million in transactions in November so far.
Despite these vital metrics, the ETH price has declined amidst broader crypto market struggles.
Analysts and traders will be watching to see if ETH can regain the $2,100 level this week – or if further losses will materialize.
TG.Casino nears $3m in presale milestone
As XRP and Ethereum struggle, one emerging altcoin has been defying the downtrend and gaining traction.
TG.Casino is a new decentralized gambling platform built on Telegram that has seen significant interest during its ongoing presale 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 various casino games in Telegram without needing KYC checks.
Players can enjoy live casino games, slots, and even a fully-fledged sportsbook – all powered by the native TGC token.
TGC holders also receive 25% cashback on losses when wagering with the token.
TG.Casino also implements a buyback-and-burn mechanism, whereby a portion of the casino’s profits will be used to repurchase TGC from the open market once they’re listed on exchanges.
According to TG.Casino’s whitepaper, some of these repurchased tokens will be distributed back to TGC holders, with the remaining portion being 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% APY, allowing TGC holders to earn passive income while enjoying the platform’s games.
Overall, as major cryptocurrencies struggle, TG.Casino is gaining momentum and is free for exploration for users tracking the GambleFi space.
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