Altcoins
Is VELO the XRP of Southeast Asia? There is a long way to go, but…
- VELO price rise could be linked to greater activity in the Asian market
- As XRP sentiment fell, VELO reached a very positive reading.
BIKE, the native token of Velo, a blockchain-based financial protocol focused on credit issuance, has taken the crypto market by storm. Over the last 90 days, the price of VELO has increased by 461%.
This performance allowed the token to outperform many other altcoins on the charts. However, it didn’t stop there. The traction Velo has received recently has sparked a lot of conversation, prompting some market participants to call it the “XRP of Southeast Asia.”
Wait VELO
AMBCrypto discovered this after checking social data provided by on-chain analytics tool Santiment. Our results revealed that VELO’s incredible volume in Asia was the main reason participants compared it to XRP. Especially since there was a time when XRP rallies were triggered by volumes on exchanges like UpBit. To this day, XRP remains very popular in this part of the world.
Apart from this, the integration of the project with Solana [SOL] and the Binance Smart Chain also sparked the increase in attention it received.
At press time, VELO’s volume was $95.95 million. This is a value that tokens outside of the top 100 do not record on a daily basis. Therefore, the aforementioned increase is simply a confirmation of interest in cryptocurrency.
Source: Santiment
As for the price, rising volume could support a new uptrend and VELO could reach $0.030 in a short time.
However, XRP’s performance has been disappointing lately. At the time of writing, the price of XRP was $0.51, with the altcoin’s value down 1.40% over the past 24 hours. Can VELO replace XRP’s place in Asia?
A local top arrives
Comparing the sentiments around the two projects somewhat validated this assertion. According to on-chain data, the weighted sentiment for XRP was -0.119 while for VELO it was 4.518.
The balanced feeling underlines the perception the broader market is talking about a cryptocurrency. We can therefore deduce that traders were optimistic on VELO while comments related to XRP were bearish.
Additionally, prices may be affected by this data. If VELO’s sentiment-weighted reading climbs, demand for the token could continue to rise even higher.
On the other hand, continued negative sentiment towards XRP could push price below $0.50.
Source: Santiment
That being 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, holders of the token could start making profits and the price of VELO could fall on the charts.
Realistic or not, here it is Market capitalization of VELO in XRP terms
Regardless of the potential decline, XRP may not be able to match VELO’s performance this cycle.
Still, his recent performances could spark interest from other corners of the world. If this happens, VELO’s market capitalization could increase.