XRP Sinks Below $1 for First Time Since November 2024 Despite Korean Bank Adoption

The price of XRP has dropped below the $1 mark this week, trading around $0.99, despite the positive news that South Korean regional lender Jeonbuk Bank will deploy Ripple Payments for cross-border business remittances. This move marks the first time since November 2024 that XRP has closed below this significant psychological threshold, reflecting persistent weakness in the broader cryptocurrency market and ongoing uncertainty about the direct utilization of the XRP token in the new banking partnership.

On August 18, 2026, Jeonbuk Bank announced its partnership with Ripple to implement its 24/7 cross-border payment service, becoming the first regional bank in South Korea to adopt the solution. This integration aims to facilitate near real-time settlement—within seconds or minutes—for international money transfers, a significant improvement over traditional SWIFT-based transactions that can take days. The service is particularly targeted at business clients such as import-export companies, IT startups, and online content creators. Fiona Murray, Ripple's Managing Director for Asia Pacific, emphasized that this collaboration reflects the growing momentum for digital asset capabilities within Korea's institutional financial sector.

However, the positive news failed to provide a sustained uplift for XRP's price, which dipped below $1. Market observers note that the $1 level is a crucial psychological and technical support point for the cryptocurrency. A key reason for the muted price reaction is the lack of explicit confirmation that XRP will be directly used as a settlement asset in Jeonbuk Bank's new service. Ripple has stated that its Ripple Payments platform can support various fiat currencies, stablecoins, and digital assets, depending on the specific payment corridor and regulatory requirements. The announcement of the Jeonbuk Bank partnership did not specify the use of XRP or Ripple's RLUSD stablecoin.

The decline in XRP's price is largely attributed to broader bearish sentiment in the crypto market, coupled with weakening spot demand and stagnant institutional investment flows into crypto products. Technical analysis indicates a MACD sell signal and oversold conditions on the Williams %R, although the RSI shows some signs of stabilization. This suggests that while the asset might be oversold, significant buying pressure is yet to materialize.

This partnership with Jeonbuk Bank marks Ripple's third major collaboration in South Korea this year, following earlier agreements with internet-only bank Kbank and insurer Kyobo Life Insurance. These strategic moves underscore Ripple's broader strategy to expand its institutional footprint across Asia and modernize legacy cross-border payment infrastructures by leveraging blockchain technology. Regional banks are increasingly exploring such solutions to enhance efficiency and transparency in their international remittance services.

Looking ahead, market analysts view the $1 level as a critical determinant for XRP's short-term trajectory. A sustained break above $1.05 is considered necessary to signal a potential recovery. Conversely, a decisive failure to hold the $1 support could lead to further downside, with analysts identifying potential support levels at $0.906 and $0.861, and even a broader accumulation zone between $0.85 and $0.65. The mid to long-term outlook for XRP remains contingent on regulatory clarity and a broader recovery in the cryptocurrency market.