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Flare Network has launched the first-ever spot access to Ripple ($XRP) on its platform by listing FXRP for trading on the Hyperliquid exchange.
The market, launched with the FXRP/USDC pair, added a spot dimension to $XRP transactions on Hyperliquid, which were previously limited to perpetual futures contracts.
Until now, $XRP trading on Hyperliquid has not been offered in spot form due to infrastructure limitations. Dhruv Shah, a DeFi analyst at Flare, stated that the primary reason for this is that $XRP, like Bitcoin, is not compatible with the Ethereum Virtual Machine (EVM). Therefore, he argued, on-chain platforms often prefer “wrapped” versions of spot assets, and FXRP is the Flare ecosystem’s equivalent of this model.
FXRP was developed as a LayerZero Omnichain Fungible Token, representing wrapped $XRP issued at a 1:1 ratio via Flare’s FAssets system. After being traded on Hyperliquid’s order book, the token can be bridged back to Flare via LayerZero infrastructure and converted to real $XRP on the $XRP Ledger at any time. Flare announced that a dedicated FXRP bridge, supported by Flare Smart Accounts, will soon be launched, enabling one-click withdrawals from Hyperliquid to the $XRP Ledger.
*This is not investment advice.