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XRP falls below $1 as Jeonbuk Bank adopts Ripple Payments

Ripple Payments will provide near real-time cross-border transfers for Jeonbuk Bank customers, but it is unclear whether XRP or Ripple’s RLUSD stablecoin will be used for settlement.

Reported · Written up by our desk · Market Structure

XRP slipped below $1 and became the weakest major token over the past day and week, with the selloff continuing even as Ripple expands institutional partnerships. CoinDesk data cited in the report showed XRP down more than 1% on the day and over 2% for the week, falling to under $1 on Tuesday.

The latest expansion centers on South Korea’s Jeonbuk Bank, which will deploy Ripple Payments for business remittances. Ripple said the service will bring near real-time cross-border payments to regional customers, replacing slower transfer routes that can take days to arrive using intermediary banks and the SWIFT network.

Ripple Payments is described as settling in seconds to minutes and running around the clock, with Jeonbuk Bank offering the service to business clients such as importers, exporters, IT startups, and online content creators. However, Ripple did not clarify which stablecoin powers the transfers in the announcement, leaving open whether settlement involves XRP or Ripple’s RLUSD dollar-pegged token.

CoinDesk noted that Ripple has been pushing RLUSD as the main settlement asset for institutional use, yet the partnership rollout has not lifted XRP so far. The report said CoinDesk asked Ripple which asset Jeonbuk Bank will use for the deployment and did not receive an immediate reply.

Latest closeXRP $0.995 ▲0.3%

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