XRP Dips Below $1 as Jeonbuk Bank Partners with Ripple for Payment Solutions

Fiona Murray, Ripple’s Managing Director for Asia Pacific, highlighted the growing momentum within Korea’s institutional financial sector, where banks are enhancing their digital asset capabilities and seeking long-term infrastructure partnerships. She emphasized the crucial role that regional banks play in supporting the real economy.

Ripple has been actively promoting its dollar-backed stablecoin, RLUSD, as the preferred settlement asset for institutional transactions throughout the past year. CoinDesk reached out to Ripple for confirmation on the specific digital asset utilized in the Jeonbuk deployment but had not received an immediate response.

This distinction may help explain why the continuous stream of Ripple collaborations has failed to positively impact XRP’s market performance.

Once trading above $3 last year, XRP has spent the month of August gradually declining, recently breaking the $1 threshold despite Ripple’s ongoing efforts to onboard asset managers, custodians, and banking institutions.

The disconnect is also evident on Ripple’s native blockchain network. Tokenized real-world assets on the XRP Ledger are valued at approximately $1.38 billion, as previously reported by CoinDesk earlier this month, with RLUSD representing $845 million of that total. This stablecoin constitutes over three-fifths of all assets issued on the platform.

Despite these market conditions, traders remain optimistic about potential price movements. Data shows that futures open interest reached around $2.78 billion this week, with long XRP positions significantly outnumbering short positions on major exchanges like Binance and OKX. However, sentiment toward XRP across social media platforms has hit its lowest point in three months.

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