Aloha Jon,
I believe the Wrasse may be bored with its surroundings and is making some activity for itself. After viewing your latest pics, these are some of the things I would do:
Change the flowThis will change the environment for the Wrasse. Place 2 or more powerheads down low next to the sand pointing up to the water surface. Cut a single notch in the base for the post to slip into so a powerhead can be pointed up at a more vertical/diagonal angle. This positioning provides an added benefit - powerheads down low can be partially hidden by aquascaping to make the tank appear less cluttered with equipment.
Change the aquascaping Not all at once but one coral head at a time. I say "coral head" because your aquascaping gives me the impression of three separate coral heads. I can't see from the pics but if there are some large rocks on the sand, place some smaller rocks in
the tripod method underneath with the large rocks setting up off the sand so fish can swim underneath. You might consider taller coral heads too. Are there much in the way of holes and caverns for the Wrasse to explore, swim through and hide? In my experience, some fish jump because there are not enough hiding places.
Though I'm not saying that your Wrasse is jumping/splashing for that reason, it almost sounds like it is playing with you like a pet trying to get its owners attention. I assume that its antics do cause some activity among your household so it is getting some kind of reaction from you and your family, in response to the splashes.

Some questions:
Does the Wrasse bury itself at night and have its sleep habits changed

What are the Alk, Ca, Mg and I levels

What changed in this system and/or the room in the weeks preceding the start of this splashing behavior

Is AC used in this system, how much and how often is it changed

What foods are being fed, how much and how often

Are the day and night pH levels within acceptable limits

Mahalo for your answers,
Mark

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