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Pro-XRP Lawyer Deaton Picks His Top 10 Cryptos For The Year Ahead

In a recent post on X (formerly Twitter), noted XRP advocate and lawyer John Deaton shared his top 10 cryptocurrency picks for the next 12 months. His selection includes a mix of well-established and emerging digital currencies.

He stated, “If you had to pick only 10 tokens to own for the next 12 months (as a trade) what are they? Here’s mine: BTC, XRP, ETH, QNT, RNDR, SOL, KAS, AVAX, HBAR, CSPR. What am I missing?”

Analysis Of The Pro-XRP Lawyer’s Picks

Bitcoin (BTC): Deaton likely selected Bitcoin due to the potential imminent approval of a spot Bitcoin ETF in the United States. Bloomberg Intelligence analysts anticipate that the US Securities and Exchange Commission (SEC) might approve multiple spot Bitcoin ETF by January 10, 2024, a move that could significantly impact Bitcoin’s value

XRP: Deaton’s choice of XRP is consistent with his role as a strong supporter and legal advocate for the XRP community. XRP’s status as a regulatory-defined token in the United States with high utility adds to its appeal. Currently, XRP is consolidating after being rejected at the 0.618 Fibonacci retracement level at $0.7492.

XRP price

Ethereum (ETH): Despite the harsh criticism of Ethereum’s founder, Deaton has included ETH in his list. This might be due to its position as the second-largest cryptocurrency by market cap. Also, BlackRock and several other financial giants have recently applied for a Spot Ethereum ETF, adding to the potential bullish trajectory of ETH in the next 12 months.

Quant (QNT): The QNT token of Quant Network has found itself in a downtrend channel since late January this year, down approximately 35% from its year-to-date high. With the current price of $98.74, QNT is 78% below its all-time high of $428.38 on November 21, 2023. Nevertheless, Quant can boast partnerships with major financial institutions, including the Bank for International Settlements (BIS), Bank of England, Bank of Canada, MasterCard, Amazon, and Barclays, to develop and test use cases for central bank digital currencies (CBDCs).

Quant price

Render Network (RNDR): The RDNR token is currently up 725% since the beginning of the year. Render Network provides a decentralized GPU rendering platform, allowing artists to scale GPU rendering work on-demand to high-performance GPU nodes. Notably, the RDNR price has also profited from the AI narrative.

Solana: SOL has been one of the other big winners this year, up nearly 600% at the current price since it went below $8 at the end of last year. Solana is currently seen as the potential biggest challenger to Ethereum as a layer-1 blockchain, which is why Deaton may have ranked SOL on his list.

Kaspa (KAS): Kaspa has gained attention due to its positioning as a highly scalable Layer-1 blockchain, with a focus on fast confirmations and high throughput. Its underlying technology, GhostDAG/PHANTOM protocol, aims to balance security, scalability, and decentralization. The KAS token’s impressive performance, with an over 2,600 % increase year-to-date, makes it a notable inclusion.

Avalanche (AVAX): Avalanche’s AVAX token might be included due to its recent gains of almost 130% since mid-October. Deaton may have chosen AVAX because of Avalanche’s involvement in the Monetary Authority of Singapore’s tokenization initiative, Project Guardian, as well as its partnership with Amazon Web Services and Deloitte, all of which are potential catalysts for price appreciation.

Hedera (HBAR): Hedera Hashgraph has gained prominence by becoming part of FedNow, the US Federal Reserve’s instant payments platform. This development led to a significant surge in the price of Hedera’s HBAR token.

Casper (CSPR): Casper’s inclusion may be due to its position as one of the fastest-growing blockchain projects, with a focus on solving the blockchain trilemma of scalability, security, and decentralization.

Remarkably, Deaton’s selections reflect a balance between established market leaders like Bitcoin and Ethereum, and emerging, high-potential projects like Kaspa and Casper. This blend indicates a strategic approach to cryptocurrency investment, recognizing both stability and innovation within the digital asset space.

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Casper Notches 14% Rally In The Weekly Charts – Will CSPR Soar Higher?

In the last week, the crypto market has been on an upswing, with most assets recording little amount of market gains. However, CSPR, the native token of the Casper Network, is one of the biggest gainers, surging by 13.9% over the last seven days. 

While fairly popular, CSPR has been one of the most impressive tokens of 2023, with a staggering profit record. Chart data from Coingecko shows that the altcoin soared by 60% in the month of April, moving its total market gains in 2023 to a stunning 114.4%.

At the time of writing, CSPR is trading around $0.058, with a 6.5% price jump in the last 24 hours. Its daily trading volume, valued at $14.98 million, is up by 41.65%. Meanwhile, its market cap value is set at an impressive $682.12 million. 

Casper

What Is Casper (CSPR), The Future-Proof Blockchain? 

Casper is a developer-friendly, business-centered public blockchain designed to serve as a platform for the secure, fast, and efficient development of sustainable blockchain-based products. 

Touted as the future-proof blockchain, Casper is the brainchild of product developer Medha Parlikar and angel investor Mrinal Manohar. The Casper mainnet was launched in 2021, and it runs on a unique variant of the proof-of-stake consensus algorithm known as the Highway Protocol.

The Highway Protocol functions as an energy-efficient and flexible consensus protocol, which enables networks to finalize transactions in a non-binary manner, thus allowing blocks on Casper to be created in a faster time than other blockchains. 

In addition, Casper offers users upgradeable smart contracts, another unique network feature that allows developers to modify their already deployed contracts, enabling businesses to build blockchain products that adapt to consumer needs and market trends. 

Casper is also popular for its low gas fee structure supported by its advanced PoS mechanism. As earlier stated, its native token is known as CSPR and is utilized for payment of network fees, staking, and rewards for network validators. 

Will CSPR Soar Higher? 

Due to CSPR’s remarkable performance, there is much speculation on the ability of the token to maintain its current bullish momentum as investors try to determine profit-making opportunities.

According to the popular crypto prediction site, Coincodex, the investor sentiment presently surrounding CSPR is quite bullish. Meanwhile, its Fear and Greed Index hovers around 60, indicating the token may be a favorable investment at the moment.

Coincodex predicts that Casper will rise by 11.42% in the next five days, hitting a price of $0.065. However, their projections do not indicate a long-term faith in CSPR, as they expect the token to have slumped by 30% in the next month.

That said, investors are reminded these predictions are merely speculations and should not be relied on as investment advice. 

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3 Altcoins That defy Bitcoin Dominance And Continue To Rally – CSPR, TWT, CRV

  • CSPR’s price remains strong despite price facing rejection from a high of $0.055 as the price holds above the key support area. 
  • TWT breaks out of a descending triangle as the price looks strong despite Bitcoin (BTC) dragging market prices down. 
  • The price of CRV respects the downtrend line as the price aims to break out of its downtrend price movement. 

The crypto market has not had the Uptober that many expected, as the market has continued to range despite showing some great signs of rallying in the early part of the month. Except for a few exceptional coins, such as Casper Network (CSPR), Trust Wallet Token (TWT), and Curve DAO (CRV), have shown strength despite the growing concern for Bitcoin Dominance (BTC.D) as this could affect the price of altcoins when BTC retraces. Here are 3 altcoins that have defied the pull of BTC.D.

Casper Network (CSPR) Price Analysis On The Daily Chart
Daily CSPR Price Chart | Source: CSPRUSDT On Tradingview.com

Most projects have fared poorly in the bear market, with many experiencing more than 50% price declines, discouraging most traders and investors from stockpiling these assets.

With Bitcoin’s dominance (BTC.D) rising and the price of BTC moving in a range, this has affected most crypto projects. The price of CSPR has enjoyed a somewhat good price rally. After dropping to a daily low of $0.03, the price of CSPR rallied to a high of $0.055, reclaiming its key support. 

CSPR’s price needs to hold above $0.045, which corresponds to the 200 Exponential Moving Average; a close above this region could push the price to $0.077.

Daily resistance for the price of CSPR – $0.077.

Weekly support for the price of CSPR – $0.045.

Price Analysis Of Trust Wallet Token (TWT)
Daily TWT Price Chart | Source: TWTUSDT On Tradingview.com

The daily timeframe for the price of TWT has shown resilience as the price continues to maintain its bullish strength after a successful breakout from a descending triangle. 

TWT’s price faces resistance at $1.2; the price needs to break this region to rally higher; if the price fails to break this range, we could see the price retesting the support at $1. 

Daily resistance for the TWT price – $1.2.

Daily support for the TWT price – $1.

3 Altcoins – Price Analysis Of Curve DAO (CRV) 
Daily CRV Price Chart | Source: CRVUSDT On Tradingview.com

After dropping to a daily low of $0.5, the price of CRV bounced from that area as the price rallied to a high of $1.5 before facing rejection to trend higher.

The price of CRV saw rejection as the price continued to range, forming a descending triangle with a possible breakout to a high of $1.

Daily resistance for the CRV price – $1.2.

Daily support for the CRV price – $0.65.

Featured Image From zipmex, Charts From Tradingview 

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Casper Network (CSPR) Retraces To Key Support $0.041, Are Bulls Still In Control?

  • CSPR’s price struggles to hold above key support as the price needs to hold above $0.041 to maintain its bullish run. 
  • CSPR continues to struggle as a hidden bearish divergence appears in the four-hourly timeframe suggesting a change in trend could be imminent. 
  • The price of CSPR continues to look bullish as price trades above the 50 Exponential Moving Average (EMA) on the daily timeframe. 

Casper Network (CSPR) has gained traction in recent weeks, with the price rallying from its weekly low to a high of $0.055, where it met rejection in an attempt to trend higher. Despite the uncertainty that has befallen the crypto market in recent weeks, as the price of Bitcoin (BTC) and other crypto assets such as Ethereum (ETH) have seen a slight setback in their price movement, the price of Casper Network (CSPR) has shown strength, producing green moments for traders who have invested in this asset. (Data from OKX)

Casper Network (CSPR) Price Analysis On The Weekly Chart.

The bear market has been good and favorable for some projects, considering they came into the market at the thick of the event. This has affected their price negatively compared to other crypto assets that enjoyed a rally creating a series of all-time highs.

Casper Network (CSPR) hasn’t enjoyed its price due to the bear market, but in recent weeks showed some great price movement, with so many traders and investors becoming interested in its projects after rising by over 90% from its cycle-low.

CSPR’s price fell from a high of $27 on the weekly timeframe to a low of $0.05; the price of CSPR bounced from this region to a high of $0.2, where the price was rejected as it failed to break above this region. 

The price of CSPR faced rejection as the price declined to its cycle low of $0.02, but the price found more buy orders as this looked like a demand zone for CSPR as it rallied from its all-time low of $0.02 to a high of $0.055.

Weekly resistance for the price of CSPR – $0.055.

Weekly support for the price of CSPR – $0.036.

Price Analysis Of CSPR On The Daily (1D) Chart
Daily CSPR Price Chart | Source: CSPRUSDT On Tradingview.com

In the daily timeframe, the price of CSPR continued to look bullish as the price was rejected as the price tried to rally past $0.055. The price of CSPR lost its support of $0.046, which corresponds to the 200 EMA, as the price could be headed to its key support at $0.041. 

The price of CSPR needs to hold its price above $0.041, acting as support for the price; if the price of CSPR fails to hold this support, we could see the price going lower.

CSPR’s price on the four-hourly timeframe formed a hidden bearish divergence indicating a possible retracement to key support, which is healthy for the price to trend higher.

Daily resistance for the CSPR price – $0.55.

Daily support for the CSPR price – $0.44-$0.38.

Featured Image From Financialwatch, Charts From Tradingview