Hex Trust has announced plans to issue and custody wrapped XRP (wXRP), a representation of native XRP backed 1:1, aimed at enhancing XRP’s DeFi and cross-chain functionality beyond the XRP Ledger.
The wrapped asset will be available for trading alongside RLUSD on Ethereum and other supported chains, including Solana, Optimism, and HyperEVM.
wXRP is set to launch with over $100 million in total value locked, ensuring immediate liquidity and minimizing early-stage friction.
Authorized merchants will be able to mint and redeem wXRP within a regulated, automated environment, with all underlying XRP securely held in segregated institutional custody.
This setup enables XRP exposure across DeFi applications such as swaps, liquidity provisioning, and collateral utilization without depending on unregulated third-party bridges.
RippleX has confirmed that this initiative aligns with the growing institutional interest in using XRP and RLUSD across the broader crypto landscape.
Despite being structurally bullish for long-term utility, the announcement did not lead to immediate upward momentum, indicating that the market is still evaluating broader positioning and macro flows.
Technical Analysis
- XRP is currently in a consolidation phase, with market dynamics characterized by defensive buying around the $2.00 psychological level and consistent supply appearing above $2.05.
- The inability to break through resistance levels despite positive fundamentals suggests active distribution rather than accumulation of momentum.
- Frequent tests of the $2.00–$2.02 zone have attracted buying interest, signifying that longer-term holders are comfortable maintaining this level.
- Nevertheless, each rally attempt towards $2.04–$2.06 has faced volume-backed selling, indicating that large players may be utilizing upward movements to rebalance their exposure.
- The short-term structure remains neutral-to-bearish as long as the price trades below the $2.06–$2.08 resistance band.
- A decisive close above this range is necessary to shift the bias towards trend continuation rather than simple range maintenance.
Price Action Summary
- XRP increased by 0.56% to $2.0341, but lagged behind the broader crypto market by approximately 1.17%. Trading volume rose 12.34% above weekly averages, indicating institutional involvement despite limited net price movement.
- The session low reached approximately $1.985 after a sharp sell-off accompanied by high volume, before buyers stepped in to reclaim the $2.00 mark.
- The price later stabilized between $2.02 and $2.04, with momentum waning as resistance hindered upward attempts.
- The combination of higher volume and limited follow-through suggests that the session reflected repositioning rather than any strong directional conviction.
What Traders Should Know
- XRP continues to trade within a range, with $2.00–$1.985 serving as the key demand area and $2.05–$2.06 marking near-term supply. Elevated volume without significant expansion suggests continued distribution into strength rather than accumulation.
- The launch of wXRP by Hex Trust significantly supports XRP’s long-term DeFi and cross-chain narrative, but short-term price movements are mainly dictated by technical structures and broader market dynamics.
- Until XRP can reclaim and sustain levels above $2.06, upward movements are likely to encounter selling pressure.
- A drop below $1.985 could target potential downside to the mid-$1.90s, whereas a confirmed close above $2.06 might reopen upside toward $2.12–$2.18.
- At present, XRP is characterized as a tactical range trade rather than a confirmed breakout candidate.
