Hex Trust announced that it will issue and custodian XRP (wXRP), a 1:1 representation of native XRP designed to extend XRP’s DeFi and cross-chain utility beyond the XRP Ledger.
The wrapped asset will be tradable alongside RLUSD on Ethereum and other supported chains including Solana, Optimism, and HyperEVM.
wXRP will launch with a total value locked of over $100 million, providing immediate liquidity and reducing initial friction.
Authorized traders will be able to create and redeem wXRP in a regulated and automated environment, with all underlying XRP held in separate institutional facilities.
This 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 growing institutional demand to use XRP and RLUSD in the broader crypto ecosystem.
While structurally bullish for utilities in the long term, the announcement did not immediately translate into bullish 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.
- Failure to break above resistance despite favorable fundamentals indicates 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 area.
- However, each attempted rally towards $2.04-2.06 has resulted in volume-driven selling, reinforcing the idea that large players are using their strength to rebalance their exposure.
- The short-term structure remains neutral to bearish while prices trade below the $2.06 to $2.08 offer band.
- A decisive close above this region would be necessary to shift the bias towards continuation of the trend rather than maintaining the range.
Price Action Summary
- XRP edged up 0.56% to $2.0341, but underperformed the broader crypto market by around 1.17%. Trading volume increased 12.34% above weekly averages, highlighting institutional participation despite moderate net price action.
- The session’s low was near $1.985 following a strong wave of selling accompanied by high volume, before buyers stepped in to reclaim $2.00.
- The price then stabilized between $2.02 and $2.04, with momentum fading towards the close as resistance capped attempts higher.
- The combination of higher volume and limited following reinforces the idea that the session reflects a repositioning rather than a 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 continued distribution in force rather than accumulation.
- The launch of Hex Trust wXRP significantly strengthens XRP’s long-term DeFi and cross-chain narrative, but short-term price action is still dominated by technical structure and relative market rotation.
- Until XRP can recover and hold above $2.06, rallies will likely face selling pressure.
- A break below $1.985 would expose a decline towards the mid-$1.90s, while a confirmed close above $2.06 could reopen the upside towards $2.12 – $2.18.
- For now, XRP remains a tactical transaction rather than a confirmed candidate.
