This new asset is made so people can use XRP in more places across DeFi and other chains. The goal is to help XRP move into a wider part of the crypto world and give users more ways to take part in different apps. The wrapped token is backed one to one with real XRP. This means every wXRP has real XRP behind it held in safe custody.
wXRP will be live on Ethereum and on other supported chains. People will be able to use it for swaps lending liquidity pools and many other DeFi uses. The idea is to make sure this can happen without risky bridges that are not regulated. Hex Trust is running the system in a simple and controlled way. All XRP that supports wXRP is kept in separate custody so users know it is safe.
The launch is starting strong with more than one hundred million dollars locked from day one. That gives fast liquidity and removes early problems that most wrapped tokens face. Traders and apps can begin using wXRP right away without waiting for the market to build trust or volume. Authorized groups will be able to mint and redeem wXRP in a smooth and automated setup.
RippleX said that this plan matches the growing interest from big players who want to use XRP and RLUSD across a bigger crypto world. Many institutions are looking for safe ways to move value from one chain to another. wXRP helps that by giving them a path that is simple and controlled. It also supports the long term idea of using XRP as a tool in many systems not only on its home chain.
Even with this positive move the price of XRP did not jump right away. The market is still moving in a tight range. Buyers keep stepping in near the two dollar zone. Sellers keep showing up near two point zero five. This has been the pattern for several days and shows the market is still waiting for real strength on one side.
The technical picture stays neutral. When the price tries to move up toward two point zero six sellers come in with strong volume. When the price drops toward one point nine eight buyers return and hold the line. This shows that big holders are still moving positions and the market is not ready for a full breakout yet. A clean move above two point zero six would show real power and could open the door for a new rise. A fall below one point nine eight could pull the price into the mid one nineties.
In the latest session XRP moved a little higher but it did not keep up with the wider market. Volume was stronger than normal and that points to active traders even though the price stayed mostly flat. The low of the day touched one point nine eight five and buyers pushed it back above two dollars again. This kept the range alive and showed that demand is still there.
For traders the key zones are clear. Two dollars to one point nine eight five is the main demand area. Two point zero five to two point zero six is the main supply area. Until XRP closes above the supply zone it will likely stay a range trade. The launch of wXRP is a strong win for the long view but near term price movement still follows the chart not the news. #XRP #HEX #crypto $XRP
