XRP Price Analysis: Wrapped XRP Goes Live on Solana, Ethereum in Ripple Boost
Hex Trust launched wrapped XRP (wXRP) on Solana and Ethereum to boost XRP's DeFi utility, though XRP's price remains range-bound near $2.00.Summary
Hex Trust is launching wrapped XRP (wXRP), a 1:1-backed representation of native XRP, to significantly enhance XRP’s utility across decentralized finance (DeFi) and cross-chain applications beyond the XRP Ledger. This wXRP will be tradable on Ethereum, Solana, Optimism, and HyperEVM, launching with over $100 million in total value locked (TVL) and providing immediate liquidity. This structure allows institutions to use XRP in DeFi activities like swaps and collateral without relying on unregulated third-party bridges, aligning with RippleX's confirmation of institutional demand. Despite this fundamental boost, XRP's price action remains technically constrained, trading in a consolidation range between $1.985 and $2.05. Technical analysis shows consistent selling pressure above $2.05 and strong demand defending the $2.00 psychological zone, suggesting the market is currently focused on repositioning rather than a directional breakout based on the news.
(Source：CoinDesk)