Hex Trust Debuts wXRP, Expanding XRP Cross-Chain Utility
Hex Trust, a leading digital asset custodian based in Hong Kong, announced Thursday the launch and custody of wrapped XRP (wXRP). This new token enables XRP to operate across multiple blockchains while maintaining a strict 1:1 peg with native XRP.
wXRP supports multi-chain decentralized finance (DeFi) applications, including Ethereum, Solana, Optimism, and HyperEVM. The initiative significantly increases XRP’s utility beyond its native ledger and introduces a regulated framework for cross-chain transactions.
Ripple CTO Applauds Expanded Use Cases
(Source: JoelKatz)
David Schwartz, Ripple’s Chief Technology Officer, shared on social media that extending XRP to more ecosystems boosts its utility, with the XRP Ledger remaining the foundational anchor.
$100 Million Locked at Launch Secures Liquidity
Hex Trust reports that wXRP will launch with over $100 million in total value locked, guaranteeing robust liquidity from day one. The token is only minted when an equivalent amount of native XRP is deposited in custody and is burned upon redemption to preserve the 1:1 peg. Authorized merchants can mint and redeem wXRP using automated, compliant procedures. Users gain access to liquidity pools and reward programs within supported DeFi platforms.
Supports RLUSD Stablecoin Trading
wXRP is tradable against Ripple’s RLUSD stablecoin on Ethereum and other compatible networks. Markus Infanger, Senior Vice President at RippleX, noted growing demand for XRP utility across diverse ecosystems, and highlighted that wrapped tokens align with Ripple’s commitment to regulated DeFi innovation.
Custody and Compliance Safeguards
Hex Trust emphasizes that native XRP is held in regulated, segregated custody accounts, fully compliant with KYC and AML standards. wXRP leverages the LayerZero OFT standard, enabling seamless cross-chain transfers. This structure addresses the requirements of institutions, DeFi projects, and retail users for secure cross-chain applications, while eliminating reliance on vulnerable, unregulated bridges.
XRP Short-Term Resistance and Support Levels
If XRP rallies, immediate resistance stands at $2.04, with a key barrier at $2.08. Breaking past $2.08 may open the path to $2.15, with additional resistance at $2.18, $2.22, and potentially $2.25.
If XRP fails to clear $2.04, it could retrace. Initial support is at $2, with major support at $1.98. A drop below $1.98 may see prices test $1.92, $1.88, or even the $1.82 zone.
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Summary
In summary, wXRP’s launch creates new cross-chain opportunities for XRP and ensures liquidity within a regulated environment. In the near term, price faces resistance at $2.04–$2.08; a successful breakout could push it to $2.15 or even $2.25. If resistance holds, a pullback to $2 or lower support zones is possible. Overall, wXRP’s introduction boosts XRP’s utility in the DeFi ecosystem and provides investors with new strategic options.
