Flare Network has launched the first-ever spot access to Ripple (XRP) on its platform by listing FXRP for trading on the Hyperliquid exchange.
Launched on the FXRP/USDC pair, the market added a spot dimension to XRP trading on Hyperliquid, which was previously limited to perpetual futures contracts.
Previously, XRP trading on Hyperliquid was not offered in spot format due to infrastructure limitations. Dhruv Shah, DeFi analyst at Flare, said the main reason for this is that XRP is not compatible with Ethereum Virtual Machine (EVM) in the same way as Bitcoin. On-chain platforms therefore often prefer “wrapped” versions of spot assets, and FXRP is the equivalent of this model in the Flare ecosystem, he argued.
FXRP represents wrapped XRP developed as a LayerZero Omnichain Fungible Token and issued via Flare’s FAssets system at a 1:1 ratio. After being traded on Hyperliquid’s order book, the tokens are bridged back to Flare via the LayerZero infrastructure and can be converted to real XRP on the XRP Ledger at any time. Flare has 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.
