Altcoins
Is VELO the XRP of South East Asia? There’s a long way to go, but…
- The increase in VELO price could be linked to increased activity in the Asian market
- While XRP sentiment plummeted, VELO rose to a highly positive reading
VEIL, Velo’s native token, a blockchain-based financial protocol focused on issuing credit, has taken the cryptocurrency market by storm. Over the past 90 days, VELO price has increased by a staggering 461%.
This performance has ensured that the token has outperformed many other altcoins in the rankings. However, it didn’t end there. The popularity that Velo has received recently has sparked a lot of conversation, prompting some market participants to call it “Southeast Asia’s XRP.”
Wait VELO
AMBCrypto discovered this after checking social data provided by on-chain analytics tool Santiment. Our findings revealed that VELO’s incredible volume in Asia was the main reason why participants compared it to XRP in the first place. Especially since XRP increases were once triggered by volumes on exchanges like UpBit. To this day, XRP remains widely popular in this part of the world.
Apart from that, the integration of the project with Solana [SOL] and the Binance Smart Chain also triggered the increase in attention it received.
At the time of writing, VELO’s volume stood at $95.95 million. This was a value that tokens outside the top 100 do not record on a daily basis. Therefore, the above excursion is simply a confirmation of interest in cryptocurrency.
Source: Santimento
Regarding the price, increasing volume could support a further uptrend and VELO could reach $0.030 in a short time.
For its part, however, XRP’s performance has been disappointing lately. At the time of writing, the price of Can VELO replace XRP in Asia?
A local top is coming
Comparing the sentiment on both projects somewhat validated this statement. According to on-chain data, the weighted sentiment of XRP was -0.119 while for VELO it was 4.518.
The thoughtful sentiment underlines the perception the broader market involves a cryptocurrency. Therefore, we can infer that traders were bullish on VELO while comments related to XRP were bearish.
Furthermore, prices can be influenced by this data. If VELO’s weighted sentiment reading increases, demand for the token could continue to rise even higher.
On the other hand, persistent negative sentiment for XRP could push the price below $0.50.
Source: Santimento
That said, traders may need to be wary of VELO. If sentiment is too high, it could be a sign that the token has reached a local high. In this case, token holders may start recording profits and the price of VELO may drop on the charts.
Realistic or not, that’s it VELO’s market capitalization in XRP terms
Regardless of the potential decline, XRP may not be able to match VELO’s performance this cycle.
Even so, his recent performances could spark interest from other corners of the globe. If this were to happen, VELO’s market capitalization could increase.