- HashKey launches XRP/USD spot trading for professional investors.
- XRP listing aligns with HashKey’s institutional and Asia-focused strategy.
- XRP price dips 5% despite surge in trading volume and ETF interest.
HashKey Exchange, licensed by the Securities and Futures Commission (SFC) in Hong Kong, has today opened spot trading for XRP. Adding the XRP/USD trading pair just for professional investors marks an important point in Huobi Global’s Asia-based strategy for institutions.
XRP Listing Anchors Institutional-Focused Growth
Because XRP is now listed, eligible professional investors can carry out deposit, withdrawal and trade operations against USD. According to the official HashKey Exchange statement, trading started at 16:00 (UTC+8) on May 30 and users were able to deposit and withdraw before that time. The exchange made it clear that it enables trading, but does not control XRP; these rights can only be used when the asset is moved out of the exchange.
HashKey Exchange is integrating XRP into its institutional plan. In the month of April, HashKey Capital announced the XRP Tracker Fund which will link traditional finance with the Web3 ecosystem. The goal is to promote regulated investments by institutions in Ripple-related financial products. Ripple which supports the XRP ledger, has financed the fund from the earliest days.
As more institutional investors pay attention to XRP, this listing was made. An article proposes including the token as part of an official strategic digital currency reserve in the United States. VivoPower and Webus invest in XRP to incorporate digital assets into their strategy. In addition, the current partnerships Ripple has formed in Asia with SBI Holdings, Tranglo and InstaReM are intended to drive more people to use XRP in the region.
Spotlight on Institutional Demand as XRP ETF Gains Momentum
Increasing numbers of institutions are considering XRP, partly due to the prospect of an XRP exchange-traded fund (ETF). Right now, the U.S. Securities and Exchange Commission (SEC) is considering an ETF plan made by asset manager WisdomTree. If the fund is launched, investors will have access to XRP through a regulated channel, for which they do not need to own the tokens.
Because of an idea promoted by U.S. President Donald Trump to keep some reserves in cryptocurrencies, institutions and individuals are putting more demand on assets, including XRP. Market experts say this could encourage fresh bullishness in the world of digital assets.
According to Vivien Wong, manager at Liquid Funds, there has been a noticeable change in regulations. “With XRP now on HashKey Exchange, professional investors now have a secure path to join the digital asset world,” she commented.
Market Reaction: XRP Price Dips Despite Trading Surge
Although there has been more attention from institutions, XRP’s price fell by 5% over the past day, trading at $2.13 at the present moment. Broad swings in the markets due to the new inflation report and options expiring have pushed prices down. Bitcoin, which had led the cryptocurrency market, began to decline and fell to about $105,000.
The trading volume of XRP also increased by more than 58% within the period, indicating people are trading more. Based on CoinGlass data, the amount of open interest in XRP futures dropped by 11% to $4.55 billion, suggesting that people might be taking down their speculative positions in the coin.
In addition, $30 million worth of XRP was liquidated, making the signals from the MACD and the RSI more negative. It has been cautioned that, with the current struggles at $2.10, XRP could soon fall to either $2.00 or $1.80. On the other hand, if the price rebounds above $2.30, it might create opportunities for a push up to $2.50.
HashKey Exchange’s efforts to expand into regulated cryptocurrencies may signal a bigger boost in appetite for digital tokens among institutions globally, starting in Asia.
