XRP’s Southeast Asian Counterpart Surges 358%: Is it Time to Consider Long Positions?

• VELO has surged 358% gain in price over the last six weeks with a rise in popularity in  Southeast Asia.

• This rise in volume is a reflection of the increasing interest and confidence in the cryptocurrency caused by its integration with top blockchain platforms.

Velo Token (VELO) has surged in popularity across Southeast Asia’s crypto landscape, drawing comparisons to established players like XRP. Market intelligence platform Santiment has pointed out the meteoric rise of VELO, which saw a huge 358% gain in price over the last six weeks. This impressive performance has drawn the focus of both investors and analysts, sparking conversations around its ability to be the “XRP of Southeast Asia.”

$VELO has been gaining a great deal of traction amongst #crypto traders lately, being referred to as the "XRP of South East Asia". In 6 weeks, its price is +358%. Meanwhile, $UMA has seen a big jump in interest following its +50% gain over the past 36 hours.

See the… pic.twitter.com/RXqzLd4J0m

— Santiment (@santimentfeed) May 10, 2024

Market Buzz and Performance

The main factor contributing to VELO’s soaring popularity is the huge trading volume it enjoys ᅳ mainly in Asia. According to Santiment data, the trading volume for VELO has risen to $95.95 million, a number that is rare for tokens outside the top 100.

This rise in volume is a reflection of the increasing interest and confidence in the cryptocurrency caused by its integration with top blockchain platforms, including the Solana (SOL) and the Binance Smart Chain. Notably, VELO has displayed significant progress, gaining 57% over the past seven days and a very impressive 225.51% over the last 30 days.

VELO has continued its bullish trend despite the recent fall in the market, as a more bullish trend has been recorded with a rise of 16.88% from a 24-hour low. The Weighted Sentiment metric of Santiment shows a stark contrast between VELO and XRP, with the traders being bullish on VELO and bearish on XRP. On-chain data shows that the Weighted Sentiment of XRP was -0.119 and that of VELO was 4.518. The positive outlook towards VELO could increase its price, while the negative attitude towards XRP could push it down.

Factors Driving VELO’s Rise

There are several reasons for the unprecedented surge in VELO’s value in a market of general turmoil. Primarily, VELO tokens are stored in renowned self-custody wallets, such as Ledger, Lobstr, and Freighter, which boosts the popularity of VELO.

In addition, endorsements from crypto influencers who have dubbed VELO as the “XRP killer” have heightened investors’ interest. Moreover, VELO’s rapid popularity growth is due to its partnerships with major industry players such as iRemit, Visa, and Lightnet.

These partnerships have not only increased VELO’s regional market but also confirmed its ability to transform cross-border payments and digital financing solutions. Consequently, VELO has experienced substantial growth in trading volume, with its price reaching $0.029 per token.

Smart Contracts Revolutionize Cross-Border Payments

VELO’s rise is hinged on its identification as a catalyst for innovation in the cryptocurrency sphere. Additionally, Velo Labs has brought attention to the project as a potential game-changer in the international remittance markets, making it similar to the XRP.

Particularly, VELO sets itself apart by combining smart contracts, a feature missing in the XRP blockchain, adding to the platform’s attractiveness for investors who strive for efficiency and versatility in financial transactions. Velo’s recent success reflects the possibility of more growth among investors if token popularity goes outside Asia. This, in turn, can result in a big increase in Velo’s market cap, making its presence in crypto even more solid.