Ripple Partners with Jeonbuk Bank Amid XRP Price Slump
XRP's price has fallen below $1, despite Ripple announcing its third Korean partnership of the year. Jeonbuk Bank, a regional bank in South Korea, will use Ripple Payments for cross-border transfers, but the stablecoin powering these transfers remains unclear.
Ripple has been promoting its RLUSD token as the primary settlement asset for institutional work, which may explain why growing adoption has not lifted XRP's price. The company's push of RLUSD accounts for more than three-fifths of all tokenized assets on the XRP Ledger, worth around $1.38 billion.
Despite traders holding heavily long futures positions, social sentiment towards XRP remains increasingly negative. Futures open interest stood at about $2.78 billion this week, with over three accounts holding long XRP positions for every one holding a short.