XRP Falls Below $1 for First Time Since 2024, Even as Ripple Lands New Korean Bank Deal

XRP dropped below the closely watched $1 mark during Asian trading hours Tuesday, falling to 98 cents and marking its lowest price since November 2024. The decline came despite positive business news for Ripple, the payments company closely tied to the token.

Ripple Expands Korean Banking Partnerships

The price slide coincided with Ripple’s announcement of its third Korean partnership this year, as Jeonbuk Bank became the first regional bank in the country to adopt Ripple Payments for handling cross-border transactions. The bank, founded in 1969 and based in southwestern Korea, is the leading lender in its home province. This deal follows earlier partnerships in 2026 involving custody and wallet infrastructure with a major life insurance company and a domestic digital bank.

Service Details Remain Unclear

Ripple describes the new service as enabling near real-time cross-border settlement using stablecoins, though the company has not specified which digital asset will actually move funds through the system. Traditional bank transfers typically route through multiple intermediary banks over established international messaging networks and can take several days to complete. Ripple’s alternative is designed to settle transactions within seconds to minutes and operate continuously, a service Jeonbuk Bank plans to offer business customers including importers, exporters, technology startups, and online content creators.

Uncertainty Over XRP’s Role

Ripple’s Asia Pacific managing director said the partnership reflects growing momentum among Korean financial institutions building digital asset capabilities and seeking long-term infrastructure partners, adding that regional banks play an important role in the broader economy.