Wrapped XRP (WXRP) is a tokenized version of XRP, the native digital asset of the XRP Ledger. WXRP is built on the Ethereum blockchain, allowing XRP holders to use their assets within the Ethereum ecosystem. Each WXRP token is backed 1:1 with XRP, meaning that for every WXRP in circulation, there is an equivalent amount of XRP held in reserve​.

Wrapped XRP (WXRP) is used to enable XRP holders to participate in the Ethereum DeFi (Decentralized Finance) ecosystem. By converting XRP into WXRP, users can access various DeFi applications, such as decentralised exchanges (DEXs), lending platforms, and liquidity pools on Ethereum. This integration expands the utility of XRP beyond the XRP Ledger and allows it to interact with Ethereum-based smart contracts​.