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XRP drops below $1 for first time since 2024 amid Ripple deal

XRP slid to 98 cents in Asian morning hours Tuesday, even as Jeonbuk Bank begins using Ripple Payments for cross border transfers without clarity on whether XRP is the settlement asset.

Reported · Written up by our desk · Market Structure

XRP fell below $1 for the first time since 2024, slipping to 98 cents during Asian morning hours Tuesday, making it the weakest major token over the prior day and week, according to CoinDesk.

The move came as Ripple announced a new South Korea partnership, with Jeonbuk Bank becoming the first regional bank in the country to deploy Ripple Payments for cross border business transfers, including services aimed at importers, exporters, IT startups, and online content creators.

Ripple said its route delivers near real time stablecoin cross border settlement in seconds to minutes and runs around the clock, but the deal description did not specify which asset powers the transfers.

CoinDesk also noted that Ripple has been pushing its RLUSD stablecoin as the settlement asset for institutional work, and asked Ripple which asset the Jeonbuk deployment uses, without receiving an immediate response.

Latest closeXRP $0.995 ▼0.8%

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