HashKey Exchange introduces XRP/USD trading for professional investors, adding to Asian institutional access.

XRP trading volume surged 58% as price dropped 5%, signaling growing market participation.

CoinGlass indicates that open interest in XRP futures went down by 10% which might signal rising caution.

HashKey Exchange has officially launched spot trading for XRP, making the XRP/USD pair available only to professional investors. This announcement, issued on May 30, signifies a significant expansion for the Hong Kong-based crypto platform, which holds a license from the Securities and Futures Commission (SFC) for virtual asset trading.

XRP Listing Marks Strategic Institutional Push

The XRP listing allows professional investors on HashKey Exchange to deposit, withdraw, and trade the token with the USD trading pair. Deposits and withdrawals are now live, while trading commenced at 16:00 (UTC+8) on May 30. However, HashKey Exchange clarified that its role remains limited to facilitating trades and that users must withdraw assets if they wish to exercise any associated governance rights.

HashKey Exchange has made XRP a key element of its overall institutional strategy in Asia. In April, HashKey Capital launched an XRP Tracker Fund to connect traditional finance with Web3 services. This fund is designed to entice institutional investment into regulated XRP-centric products. Ripple, the firm responsible for the XRP ledger, is also among the fund’s early investors.

With XRP added to the United States’ proposed strategic cryptocurrency reserve, it has drawn attention from firms, companies such as VivoPower and Webus have bought XRP as a strategic asset. Moreover, XRP could see greater use in Asia because of partnerships Ripple has with SBI Holdings, Tranglo and InstaReM.

Institutional Buzz Grows Amid XRP ETF Developments

Recently, institutional purchases of XRP have increased. Interest in a spot ETF for XRP has increased after the U.S. Securities and Exchange Commission (SEC) began reviewing WisdomTree’s XRP ETF proposal. The fund would enable investors to access XRP without actually holding the tokens, following market security regulations.

Donald Trump’s earlier proposal to set up crypto-reserves in the U.S. has contributed to the rise in demand for cryptocurrencies such as XRP. Analysts have pointed to these developments suggesting they could lead to renewed bullish momentum.

Vivien Wong, a partner at Liquid Funds, emphasized the regulatory shift in favor of compliant XRP access. She stated that XRP’s inclusion on HashKey Exchange offers professional investors a regulated avenue to a long-standing digital asset with institutional utility.

XRP Price Drops 5% Despite Spike in Trading Volume

XRP traded at $2.24 at the time of writing, marking a 5% decline in the past 24 hours. The crypto market volatility from U.S. PCE inflation data and monthly options expiries led to the token’s price decline. Bitcoin also retreated, slipping to around $105,000.

Meanwhile, XRP trading volume surged by 58% even with the price fall, which shows heightened market activity. According to CoinGlass, the amount of open interest in XRP futures has decreased by 11% to $4.55 billion.

Source: Coinglass

Additionally, $30 million in liquidations, along with the bearish signs shown by both the MACD and RSI, highlight that volatility may rise. If XRP loses $2.10, it might fall toward the support zones of $2.00 and $1.80. However, should XRP rebound above $2.30, it might head towards the next resistance at $2.50.

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Filed under: Bitcoin - @ May 31, 2025 9:00 am