XRP's value drops to 98 cents for the first time since 2024 as Jeonbuk Bank integrates Ripple Payments for cross-border remittances.
XRP Dips Below $1 Mark as Ripple Expands Stablecoin-Focused Institutional Payments in Korea
XRP's value declined below one dollar for the first time since 2024, reaching 98 cents, according to market data.
Jeonbuk Bank, a regional South Korean lender, adopted Ripple Payments for cross-border business remittances, a company announcement stated.
Ripple has increasingly promoted its RLUSD stablecoin for institutional settlements, a strategic shift observed in its operational focus.
Open interest in XRP futures was substantial, with long positions heavily outnumbering shorts, according to market assessments.
XRP's value dipped below one dollar to 98 cents, marking its lowest point since November 2024, despite Ripple expanding its institutional partnerships in Asia. The price slide occurred as Ripple, the payments technology company, announced its third Korean partnership this year. Jeonbuk Bank became the first regional bank in South Korea to deploy Ripple Payments for cross-border transfers. This followed earlier 2026 deals with Kyobo Life Insurance and Kbank, which focused on custody and wallet infrastructure. Jeonbuk Bank, established in 1969 in Jeonju, is a dominant lender within its home province. Ripple described the new service as delivering near real-time stablecoin cross-border settlement, according to a release. The company did not specify the exact digital asset used for these transfers. Fiona Murray, Ripple's managing director for Asia Pacific, stated the Jeonbuk Bank deal reflected growing momentum across Korea's institutional financial sector. She noted banks were actively building digital asset capabilities and seeking long-term infrastructure partners. Regional banks play a vital role in local economies, Murray added.
XRP traded at 98 cents on Tuesday, its lowest price since November 2024, market data showed.
Background
Traditional bank transfers often rely on the SWIFT messaging network, involving multiple intermediary banks and potentially taking days to complete. Ripple states its payment route settles transactions in seconds to minutes, operating around the clock. Jeonbuk Bank plans to offer this enhanced service to business customers, including importers, exporters, IT startups, and online content creators. The shift represents a move towards more efficient global remittances, a key area for technological disruption. Ripple has spent the past year advocating for its dollar-pegged token, RLUSD, as the primary settlement asset for its institutional work. This strategic emphasis on a stablecoin for enterprise applications has created a noticeable divergence from the market performance of XRP. This distinction helps to explain why a steady stream of Ripple partnerships has not translated into significant price appreciation for the XRP token itself.
Market Dynamics and Outlook
The performance of XRP, slipping below the one-dollar threshold, underscores a critical dynamic in the evolving digital asset landscape. From a venture capital and startup funding perspective, the decoupling of a protocol's enterprise adoption from its native token's value is a trend I have observed across emerging technologies. Ripple's success in onboarding institutions like Jeonbuk Bank highlights the operational utility of its payment solutions. However, the company's clear preference for RLUSD, a stablecoin, in these institutional flows signals a strategic choice that prioritizes stability and regulatory clarity for corporate clients over leveraging a volatile native asset like XRP. My read is that this reflects a maturing phase for blockchain-based enterprise solutions. Institutions are increasingly looking for predictable, fiat-backed digital assets for settlement rather than engaging with speculative utility tokens directly. This focus on stablecoins for real-world business use cases offers significant advantages in terms of risk management and accounting for large financial entities. It aligns with broader international ecosystem trends where regulated digital currencies are gaining traction for cross-border payments.
Ripple's latest deal with South Korea's Jeonbuk Bank exposes a brutal reality for retail investors: Ripple’s enterprise success no longer guarantees XRP’s price appreciation. As XRP slips below the psychological $1 mark, Ripple is aggressively expanding its institutional payment rails across Asia. But instead of forcing banks to use XRP, the company is pivoting heavily to its dollar-pegged stablecoin, RLUSD. This represents the inevitable maturation of blockchain within traditional finance. Institutions desperately want the settlement speed of distributed ledgers, but they absolutely refuse to absorb the balance sheet volatility of native crypto tokens. They demand predictable, fiat-backed infrastructure. For years, the foundational bull case for XRP was that it would eventually become the universal bridge currency for the global banking system. Today, Ripple is successfully building that exact cross-border bridgethey are just using stablecoins to cross it. Despite the price drop, futures data shows retail traders are stubbornly piling into long positions, betting on an imminent bounce. They are trading a legacy thesis. Ripple has successfully infiltrated the banking sector, but the banks chose RLUSD. The decoupling of the company from the token is complete.
Despite the price dip and the strategic shift towards stablecoins, the market for XRP remains notably active. Futures open interest for XRP was substantial, according to market assessments. Data from major exchanges showed long XRP positions heavily outnumbered shorts. This suggests a persistent belief among a segment of traders that a price rebound is imminent, even as social sentiment around the token has turned increasingly negative. The confluence of enterprise adoption, stablecoin strategy, and speculative market positioning creates a complex, multi-faceted outlook for XRP.
Frequently asked questions
Why did XRP's price drop below $1?
XRP's price dropped below $1 to 98 cents, marking its first dip since 2024, amidst market movements and an announcement regarding Ripple Payments adoption by a Korean bank.
Which Korean bank adopted Ripple Payments?
Jeonbuk Bank, a regional South Korean lender, adopted Ripple Payments for cross-border business remittances.
What is Ripple Payments used for by Jeonbuk Bank?
Jeonbuk Bank adopted Ripple Payments specifically for cross-border business remittances, facilitating international money transfers.
What is Ripple's RLUSD stablecoin?
Ripple has been promoting its RLUSD stablecoin, which is an institutional-focused digital asset designed for payments, as part of its broader strategy.
When was the last time XRP's price was below $1?
XRP's value declined below one dollar for the first time since 2024, according to recent market data.
What does Jeonbuk Bank's adoption mean for Ripple's expansion?
This adoption by Jeonbuk Bank indicates Ripple's continued expansion in the institutional payments sector, particularly focusing on stablecoin-focused solutions in the Asian market.
