Hex Trust announced it will issue and custody wrapped XRP (wXRP), a 1:1-backed representation of native XRP designed to expand XRP’s DeFi and cross-chain utility beyond the XRP Ledger.

The wrapped asset will be tradable alongside RLUSD on Ethereum and additional supported chains, including Solana, Optimism, and HyperEVM.

wXRP will launch with more than $100 million in total value locked, providing immediate liquidity and reducing early-stage friction.

Authorized merchants will be able to mint and redeem wXRP in a regulated, automated environment, with all underlying XRP held in segregated institutional custody.

That structure allows XRP exposure across DeFi applications such as swaps, liquidity provisioning, and collateral use without reliance on unregulated third-party bridges.

RippleX confirmed the initiative aligns with growing institutional demand to use XRP and RLUSD across the wider crypto ecosystem.

While structurally bullish for long-term utility, the announcement did not immediately translate into upside momentum, suggesting the market is still digesting broader positioning and macro flows.

Technical Analysis

• XRP remains in a consolidation regime with market structure defined by defensive buying near the $2.00 psychological zone and consistent supply emerging above $2.05.
• The failure to extend beyond resistance despite supportive fundamentals points to active distribution rather than momentum accumulation.
• Repeated tests of the $2.00–$2.02 area continue to attract bids, indicating that longer-term holders are comfortable defending this zone.
• However, each rally attempt toward $2.04–$2.06 has been met with volume-backed selling, reinforcing the idea that large players are using strength to rebalance exposure.
• Short-term structure remains neutral-to-bearish while price trades below the $2.06–$2.08 supply band.
• A decisive close above that region would be required to shift bias toward trend continuation rather than range maintenance.

Price Action Summary

• XRP edged 0.56% higher to $2.0341 but underperformed the broader crypto market by approximately 1.17%. Trading volume rose 12.34% above weekly averages, highlighting institutional participation despite muted net price movement.
• The session low printed near $1.985 following a sharp sell wave accompanied by elevated volume, before buyers stepped in to reclaim $2.00.
• Price later stabilized between $2.02 and $2.04, with momentum fading into the close as resistance capped upside attempts.
• The combination of higher volume and limited follow-through reinforces the view that the session reflected repositioning rather than fresh directional conviction.

What Traders Should Know

• XRP remains range-bound, with $2.00–$1.985 acting as the key demand zone and $2.05–$2.06 defining near-term supply. Elevated volume without expansion suggests continued distribution into strength rather than accumulation.
• The Hex Trust wXRP launch materially strengthens XRP’s long-term DeFi and cross-chain narrative, but near-term price action is still dominated by technical structure and relative market rotation.
• Until XRP can reclaim and hold above $2.06, rallies are likely to face selling pressure.
• A breakdown below $1.985 would expose downside toward the mid-$1.90s, while a confirmed close above $2.06 could reopen upside toward $2.12–$2.18.
• For now, XRP remains a tactical range trade rather than a confirmed breakout candidate.