Key facts
- XRP has fallen below $1, showing weakness compared to other major tokens.
- Ripple has partnered with South Korea's Jeonbuk Bank to implement its cross-border payment system.
- Jeonbuk Bank is the first regional bank in South Korea to use Ripple Payments for cross-border transactions.
- The new service aims to provide near real-time settlement for business customers.
- Ripple has announced three Korean partnerships in 2024, including deals with Kyobo Life Insurance and Kbank.
- Details regarding the settlement asset used in the Jeonbuk Bank deployment have not been disclosed.
XRP has fallen below $1, marking its weakest performance among major tokens despite Ripple's ongoing expansion of institutional partnerships. The company announced its third Korean collaboration of the year with Jeonbuk Bank, which will deploy Ripple Payments for near real-time cross-border settlement for its business customers. This follows previous deals with Kyobo Life Insurance and Kbank. Jeonbuk Bank, founded in 1969, is a dominant lender in its home province and will now offer faster, 24/7 international transfers compared to traditional SWIFT-based systems. Ripple has been promoting its RLUSD stablecoin as a settlement asset for institutional clients, with RLUSD accounting for a significant portion of tokenized assets on the XRP Ledger. Despite a steady stream of partnerships, XRP's price has struggled, trading below $1 while futures markets show a strong preference for long positions amid negative social sentiment.