XRP Expands Cross-Chain Reach with Hex Trust's Wrapped Token Launch
Hex Trust has introduced wrapped XRP (wXRP), a token backed 1:1 by XRP, designed to enhance XRP’s utility in decentralized finance (DeFi) and cross-chain platforms. This new token is tradable on Ethereum and multiple other blockchains including Solana, Optimism, and HyperEVM, allowing users to gain DeFi exposure without relying on unregulated third-party bridges.
wXRP's initial liquidity has surpassed $100 million in total value locked. Authorized merchants can mint and redeem wXRP within a regulated automated environment, with the underlying XRP securely held in segregated institutional custody.
RippleX notes that this development aligns with a rising institutional demand for using XRP and the RLUSD stablecoin throughout the broader crypto ecosystem. Hex Trust's launch of wXRP is seen as strengthening XRP's long-term narrative within DeFi and cross-chain interoperability.
From a market perspective, XRP is trading near $2.03, encountering resistance around $2.05 to $2.06 with buying interest near $2.00. The market displays range-bound movement, with selling pressure present at rallies.
The short-term technical outlook for XRP is neutral to bearish while below $2.06. A sustained close above this resistance could lead to upside targets between $2.12 and $2.18. Conversely, a break below $1.985 might drive the price down toward the mid-$1.90s, with defensive buying observed around the $2.00 level and selling pressure above $2.05.
