XRP slips below $1 even as a Korean regional bank adopts Ripple Payments
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
XRP's price fell below $1, making it the weakest major token over the past day and week, despite Ripple's announcement of a new institutional partnership. Ripple signed a deal with South Korea’s Jeonbuk Bank, which will use Ripple Payments to facilitate near real-time cross-border transfers for regional business customers. The company did not specify which stablecoin powers these transfers as it increasingly promotes its RLUSD stablecoin for settlement.
Why it matters
The source highlights that Ripple's expanding institutional partnerships, including with Jeonbuk Bank, demonstrate growing momentum in Korea's financial sector for digital asset infrastructure. This is significant for business customers expecting faster cross-border payments. However, XRP's declining price despite growing adoption suggests a decoupling between Ripple's institutional use of its technology and the market valuation of XRP itself.
Key context
Jeonbuk Bank is the first regional Korean bank to deploy Ripple Payments, joining other 2026 partnerships like Kyobo Life Insurance and Kbank. Traditional international bank transfers rely on SWIFT, which can take days, whereas Ripple offers near real-time settlement. Ripple has spent the past year promoting its dollar-pegged stablecoin RLUSD for institutional settlements, which now comprises a majority of tokenized real-world assets on the XRP Ledger.
Key numbers and entities
Jeonbuk Bank, founded in 1969 in Jeonju, South Korea, is the new Ripple Payments partner. XRP fell over 1% on the day and 2% over the week. Tokenized assets on the XRP Ledger total about $1.38 billion, with $845 million in RLUSD stablecoins. Futures open interest in XRP stands at approximately $2.78 billion, with more than three long positions for every short on Binance and OKX. Fiona Murray is Ripple's managing director for Asia Pacific.
What remains unclear
The source does not specify which stablecoin is used for the Jeonbuk Bank cross-border payment transfers. Ripple did not respond to inquiries about this detail. There is no explicit explanation for the divergence between XRP’s price decline and the growth in Ripple partnerships.