HashKey Exchange, a licensed virtual asset trading platform based in Hong Kong, has officially launched spot trading for XRP, offering the XRP/USD trading pair exclusively to professional investors. The trading went live on May 30 at 16:00 (UTC+8), with deposits and withdrawals now available. This move is part of HashKey’s broader institutional strategy, aiming to bridge traditional finance with the growing Web3 ecosystem in Asia. Notably, HashKey Capital had earlier introduced an XRP Tracker Fund in April, supported by Ripple, to encourage regulated investment in XRP.
🚨BREAKING: HashKey Group has officially launched #XRP trading on its platform exclusively for institutional clients.
— JackTheRippler ©️ (@RippleXrpie) May 30, 2025
💥INSTITUTIONAL MASS ADOPTION FOR XRP IS HAPPENING!💥 pic.twitter.com/jzGrD3xxS8
Ripple’s strategic relationships across Asia — including with SBI Holdings, Tranglo, and InstaReM — position XRP as a viable asset for cross-border payments, potentially boosting its regional adoption. The listing comes as XRP’s role in the financial ecosystem expands, bolstered by its inclusion in proposals for the U.S. strategic cryptocurrency reserve.
Growing ETF Buzz Fuels Institutional Interest in XRP
Institutional enthusiasm for XRP is also rising on the back of a spot ETF proposal currently under review by the U.S. Securities and Exchange Commission (SEC). Submitted by WisdomTree, the proposal aims to provide investors with regulated exposure to XRP without requiring them to hold the asset directly.
Donald Trump’s earlier suggestion of establishing U.S. crypto reserves has further amplified interest in tokens like XRP. Vivien Wong, a partner at Liquid Funds, highlighted how HashKey’s listing of the coin offers a secure and regulated path for institutions to tap into a long-established digital asset with real-world utility.
Also Read: XRP to $60,000? Viral Rumor of Secret U.S. Bill Proven False
XRP Price Drops Despite Volume Surge Amid Market Volatility
Despite the bullish institutional momentum, XRP’s price dropped by 5% to $2.24 over the past 24 hours, driven by broader market turbulence stemming from U.S. PCE inflation data and monthly options expiries. Bitcoin also fell to approximately $105,000. However, the coin trading volume spiked 58%, signaling increased market activity.
According to CoinGlass, open interest in the coin futures dipped by 11% to $4.55 billion, while $30 million in liquidations and bearish indicators from MACD and RSI suggest potential short-term volatility. If XRP slips below $2.10, it could test support at $2.00 and $1.80. Conversely, a rebound above $2.30 might push the asset toward $2.50 resistance.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
