The Gers suffered a 2-1 loss to Hibs away from home at Easter Road in the Scottish Championship on Sunday.
It was Rangers’ first defeat in the league this season, and defender Wallace has given an insight into the mood inside the dressing room.
“It is a dressing room that now needs to take this new experience on, learn from it and come back better and stronger,” the Scotland international told Rangers’ official website.
“I think there will be no problems in that dressing room about getting back to work tomorrow, preparing for the next game and just reacting to it.”
Jason Cummings put hosts Hibernian in the lead after just 11 minutes, but Darren McGregor deflected in Wallace's shot two minutes into the second half to make it 1-1.
Wallace and Rangers substitute Nathan Oduwa hit the woodwork before Paul Hanlon headed in a 73rd-minute winner for Hibs.
Over the course of the 90 minutes at Easter Road, the Gers had 59% of the possession, took 11 shots of which just two were on target, and earned five corners.
Rangers remain at the top of the Scottish Championship table despite Sunday’s loss, five points clear of second-place Hibernian.