After a week of confusion following XRP’s sell-off fundamental success, the price has finally begun to boom. Could a bull rally be on the horizon?
Meanwhile, a prominent presale token, TG Casino ($TGC), is proving one of the most promising new projects as investors scramble to secure the lowest price.
XRP Looks Set to Pump as It Nears Significant Support
Ripple Labs recently notched its second landmark victory against SEC, crypto’s feared and notorious regulatory bogeyman.
It gained its first partial victory in July, where Judge Angelina Torres ruled XRP not a security. This caused the price to double overnight, reaching over $0.9 on some exchanges.
Yet its success was short-lived, with the SEC continuing its relentless pursuit and challenging the verdict. This caused the pump to swiftly return to pre-verdict levels.
However, relevant magistrates dismissed the SEC’s appeal earlier this month. Regardless, it seems that the SEC’s pressure was enough to kill any bullish momentum since XRP has performed poorly since, down 8% in the last seven days.
Another positive factor yet to take a toll on XRP’s price is that Mexico’s central bank, Banco de Mexico, recently announced it aims to integrate Ripple’s xRapid and utilize XRP as a bridge currency between the USD (USD) and Mexican Peso (MXN).
XRP’s primary use case is to provide fast, cheap, and secure transactions between international currencies, so bringing on board one of the U.S.’s biggest trade partners is a monumental achievement.
Currently, XRP is priced at $0.48, slightly above a crucial support level of $0.47.
This level has acted as a significant magnet throughout the past bear market. However, XRP’s volatility has decreased recently, which could signal a reversal considering its strong sell-off since its July peak. This theory is enhanced by the recent bullish news, which has yet to impact its price.
Additionally, the Relative Strength Index indicator points to XRP being oversold. This is a sign that sellers may be exhausted, another factor hinting at an upcoming reversal.
TradingView crypto trader pejman_zwin is one of many calling for a move to the upside. According to a recent analysis, XRP is forming a falling wedge and will experience a reversal shortly.
That said, buyers could also be exhausted and anticipate a move to the downside. This is due to the lackluster reaction to some of XRP’s most bullish-ever fundamental news.
Analyst readcrypto highlighted the importance of the $0.47 level, noting a break below will prove significantly bearish. The trader’s recent forecast estimates the first target will be $0.4485 and the second at $0.3942.
Considering the downside risk, investors looking to maximize their investment potential may be better poised looking elsewhere. One project drawing attention is TG Casino, a new crypto casino with a twist.
Anonymous Telegram-Based TG Casino Presale Hits $800K as Investors Eye 570% Staking APY
The crypto casino concept has recently fared one of the industry’s most promising use cases, with numerous projects pumping thanks to how they solve the legacy online casino industry’s issues.
The latest addition to the trend is TG Casino, a Telegram-based platform that provides anonymous gambling to Telegram’s one billion users.
Since launching, the presale has already amassed an impressive $880K, with investors drawn to its innovative use case and generous rewards.
Presale investors enjoy several unique benefits like access to exclusive games and rooms, the option to buy at its potentially lowest-ever price, and those who buy $5K or more earn the “high roller” title. High rollers get extra rewards and an ultra-rare NFT.
However, the presale’s main draw is $TGC’s significant upside potential.
The token holds lots of utility, like staking and 25% cash back on all losses. Furthermore, TG Casino features a buyback mechanism that uses some of the casino’s profits to repurchase $TGC from the open market.
These factors all equate to a consistent stream of demand. It’s also worth noting that 60% of the repurchased tokens will be allocated to staking rewards, and 40% will be burned, bolstering the supply and demand dynamics.
Considering its cutting-edge use case and innovative tokenomics, TG Casino’s presale success is no surprise. However, those seeking the best price must act fast since the current presale round is almost over.