Hex Trust announced that it will issue and custody Wrapped XRP (wXRP), a 1:1 backed representation of native XRP designed to expand the DeFi and cross-chain utility of XRP beyond the XRP Ledger.
The packaged asset will be tradable alongside RLUSD on Ethereum and additional supported chains including Solana, Optimism, and HyperEVM.
wXRP will launch with over $100 million in total value locked, providing immediate liquidity and reducing friction in the early stages.
Authorized traders will be able to mint and redeem wXRP in a regulated and automated environment, with all underlying XRP under segregated institutional custody.
That structure allows exposure to XRP in DeFi applications, such as swaps, liquidity provisioning, and use of collateral, without relying on unregulated third-party bridges.
RippleX confirmed that the initiative aligns with the growing institutional demand to use XRP and RLUSD throughout the crypto ecosystem.
While structurally bullish for long-term profit, the announcement did not immediately translate into bullish momentum, suggesting the market is still coming to terms with broader positioning and macroeconomic flows.
Technical analysis
- XRP remains in a consolidation regime with a market structure defined by defensive buying near the psychological $2.00 zone and steady supply emerging above $2.05.
- Failure to move beyond resistance despite supporting fundamentals points to active distribution rather than momentum build-up.
- Repeated tests of the area between $2.00 and $2.02 continue to attract bids, indicating that long-term holders are comfortable defending this area.
- However, each recovery attempt towards $2.04-$2.06 has been met with volume-backed selling, reinforcing the idea that the big players are using strength to rebalance exposure.
- The short-term structure remains neutral to bearish, while the price is trading below the $2.06 to $2.08 supply band.
- A decisive close above that region would be required to shift the bias toward trend continuation rather than range maintenance.
Price Action Summary
- XRP rose 0.56% to $2.0341, but underperformed the broader crypto market by about 1.17%. Trading volume increased 12.34% above weekly averages, highlighting institutional participation despite the moderate net price movement.
- The session low was recorded near $1.985 following a sharp sell-off accompanied by high volume, before buyers stepped in to reclaim $2.00.
- The price subsequently stabilized between $2.02 and $2.04, with momentum fading towards the close as resistance limited bullish attempts.
- The combination of increased volume and limited follow-through reinforces the view that the session reflected repositioning rather than new directional conviction.
What traders should know
- XRP remains range-bound, with $2.00 to $1.985 acting as the key demand zone and $2.05 to $2.06 defining near-term supply. High volume without expansion suggests a continuous distribution toward force rather than accumulation.
- The launch of Hex Trust wXRP materially strengthens XRP’s long-term cross-chain and DeFi narrative, but short-term price action is still dominated by technical structure and relative market rotation.
- Until XRP can recover and sustain above $2.06, rallies are likely to face selling pressure.
- A drop below $1.985 would expose a drop towards the mid-$1.90 zone, while a confirmed close above $2.06 could reopen higher towards $2.12-2.18.
- For now, XRP remains a tactical range trade rather than a confirmed breakout candidate.
