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Deals damage and traps the target for 4-5 turns, dealing 1/16 of the target's maximum HP at the end of each of those turns and preventing the target from switching. If the user is holding a Grip Claw, it traps the target for 5 turns all the time. If a trapped Pokemon uses Rapid Spin, it will be freed. If the user is holding a Binding Band, the damage dealt at the end of each turn increases to 1/8 of the target's maximum HP. The target can still switch out if it is holding Shed Shell or uses Baton Pass, U-turn, or Volt Switch. This effect is not stackable or reset by using this or another partial-trapping move.
The trapping effect is kind of neat, but Wrap lost almost all of its competitive merit after RBY. Try some other support move in its place instead.
Sand Tomb is a more powerful and less accurate Ground-type equivalent.
Clamp is a more powerful and less accurate equivalent.
Fire Spin is more powerful and less accurate special Fire-type equivalent.
Magma Storm is a much more powerful and less accurate Fire-type equivalent.
Bind is a less accurate Normal-type equivalent.