Solana announced that XRP will be coming to its chain through a new wrapped asset called wXRP. Hong Kong-based Hex Trust and LayerZero will handle the bridge and token issuance.
wXRP will be matched with native XRP at a 1:1 ratio, and holders will retain full redemption rights through the XRP ledger. In a series of posts on X, Solana noted that XRP has proven its utility over the years and has strong liquidity across the industry.
The team confirmed that Solana’s fast network will now support XRP in lending markets, liquidity pools, and decentralized exchanges from day one.
The announcement also appeared on the main stage of the fifth annual Solana Breakpoint event, where Ripple executive Luke Judges explained the details.
Vibhu Norby of the Solana Foundation provided more information and recalled the strong criticism he faced from the XRP community in November. Norby added that he met with core developers, long-term members, and Ripple employees following the “resulting public learning process.”
Through these conversations, Norby claims to have gained a new understanding of XRP’s unique capabilities. He then announced that Solana will support wXRP’s deep liquidity pool from day one.
Through wrapped tokens, users can join various major parts of the Solana DeFi space. They can lend XRP to earn yield, join liquidity pools using SOL or stablecoins, purchase tokenized assets, and use the full Solana product suite without using CEX.
Norby also explained that wXRP remains self-custodial from start to finish, with each unit able to be transferred back to native XRP whenever the holder wishes.
Ripple Chief Technology Officer David Schwartz noted that the use of XRP in more networks has improved its usage, while XRPL remains the main value base. The team confirmed that the total value locked in wXRP will exceed $100 million.
Analysts at TradingView note that XRP is trading close to “flip zone.” The chart shows that XRP remains near the lower border of the triangle. Analyst melikatrader94 said there are two possible outcomes.
XRPusdt (Ripple): Triangle Breakout/Breakout Outlook | Source: TradingView
A break above the top line in the chart above could push XRP towards the larger downtrend line area, an area of strong resistance above $2.3. Failure to hold lower levels could also lead to a retest of the $1.80 support zone.
Read original story XRP is coming to Solana: What will happen to the major ‘flip zone’? By Parth Dubey, Coinspeaker.com