HashKey Exchange, a Hong Kong-based crypto exchange, has officially launched spot XRP trading, in a recent news update. The exchange has opened the XRP/USD trading only for professional investors.
HashKey Group continued to expand XRP-focused investments amid high odds of ETF and reserve asset buzz. This has made crypto analysts increasingly bullish about an upcoming rally in XRP price.
XRP Scores Listing on HashKey Exchange
Crypto asset investment firm HashKey Group announced XRP listing for professional investors on its crypto exchange, as per an announcement on May 30.
Investors can now trade XRP in the USD pair. The news sparked bullish sentiment in the XRP community as it could further drive institutional mass adoption in Asia. Notably, Ripple has major partners such as SBI Holdings, Tranglo, and InstaReM in Asia.
In April, HashKey Capital launched XRP Tracker Fund for its clients. It serves as a pioneering bridge between traditional finance (TradFi) and Web3. Interestingly, Ripple is also an early investor in the fund. The fund aims to bring more institutional capital into regulated XRP products and the broader digital asset ecosystem.
XRP Institutional Inflows and ETF Buzz
XRP has recorded major institutional inflow and ETF buzz, especially after Ripple and the U.S. Securities and Exchange Commission (SEC) moved to resolve the securities lawsuit.
Moreover, President Donald Trump seeks to establish a strategic reserve with various cryptocurrencies, including XRP.
Besides, the SEC began reviewing WisdomTree’s spot XRP ETF application recently. It offers exposure to XRP without direct token ownership.
Companies such as VivoPower and Webus are raising millions of dollars to purchase XRP as a reserve asset. It mirrors the idea of Bitcoin as a strategic reserve asset. It also became one of the reasons behind HashKey’s increased focus on XRP recently.
XRP Price Slips 5% Amid High Uncertainty in the Market
XRP price fell nearly 5% in the past 24 hours, with the price trading at $2.18 at the time of writing. The 24-hour low and high were $2.17 and $2.29, respectively.
However, the trading volume increased by 38% in the last 24 hours, indicating a rise in interest among traders.
The high volatility and uncertainty amid options expiry and PCE inflation data release, XRP price tumbled on Friday. Derivatives market indicated a similar cautious outlook amid the crypto market crash.
As per Coinglass data, total XRP futures open interest dropped over 10% to $4.19 billion over the past 24 hours. Analyst Crypto Tony predicts an XRP price rally to $2.57 as indicators paint a bullish outlook.
Popular crypto analyst Ali Martinez pointed out that a golden cross between the MVRV ratio and its 200-day SMA could set the next XRP price rally.
