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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.