I usually don't post rumors here, but Videocardz is calling this confirmed, and they are usually sure when the say that:
https://videocardz.com/newz/intel-to-unveil-xe-hpg-gaming-architecture-with-hardware-ray-tracing
https://videocardz.com/newz/intel-to-unveil-xe-hpg-gaming-architecture-with-hardware-ray-tracing
Intel has confirmed it is developing another Xe sub-architecture.
Intel Xe-HPG for enthusiast gamers coming in 2021
Intel has been actively developing another GPU architecture since 2018. This is another Xe micro-architecture called Xe-HPG optimized for gaming. The XPG roadmap spans from mid-range to enthusiast segments. It was built upon the three Xe pillars: Xe-LP (Graphics Efficiency), Xe-HP (Scalability) and Xe-HPC (Compute Efficiency).
Intel has not confirmed the specifications of the GPU, but it was said that it features the GDDR6 memory subsystem to improve the performance per dollar ratio. On the other hand, the Xe-HP series will feature HBM memory.
NVIDIA introduced hardware raytracing 2 years ago with GeForce RTX 20 series. AMD is expected to launch its RDNA2-based graphics cards leveraging hardware raytracing later this year. Intel has also confirmed their Xe-HPG series will support hardware-accelerated raytracing.