Hex Trust announced that it will issue and store XRP (wXRP), a 1:1 backed 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 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 dealers will be able to mint and redeem wXRP in a regulated, automated environment where all underlying XRP is held in segregated institutional custody.
This structure allows XRP exposure across DeFi applications such as swaps, liquidity injection and the use of collateral without reliance on unregulated third-party bridges.
RippleX confirmed that the initiative aligns with the 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 currents.
Technical Analysis
- XRP remains in a consolidation regime with market structure defined by defensive buying near the $2.00 psychological zone and consistent supply 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 long-term holders are comfortable defending this zone.
- However, each rally attempt towards $2.04-$2.06 has been met with volume-supported selling, reinforcing the idea that major 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 conclusion over this region would be required to shift the bias towards trend continuation rather than range maintenance.
Summary of price action
- XRP rose 0.56% higher to $2.0341, but underperformed the broader crypto market by approximately 1.17%. Trading volume rose 12.34% over weekly averages, highlighting institutional participation despite muted net price movements.
- The session low was posted near $1,985 after a sharp selling wave accompanied by increased volume before buyers stepped in to reclaim $2.00.
- The price later stabilized between $2.02 and $2.04, with momentum fading towards the end as resistance capped upside attempts.
- The combination of higher 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-$1.985 serving as the key demand zone and $2.05-$2.06 defining short-term supply. Increased volume without expansion suggests continued distribution in strength 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 reveal downside 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 range trade rather than a confirmed breakout candidate.
