Ripple Wins Korea Deal, XRP Loses Ground Below $1

Ripple announced its third major deal in South Korea on August 18, partnering with Jeonbuk Bank to use Ripple Payments for cross-border remittances. This partnership marks a significant milestone for Ripple's expansion into the Korean market.

However, within hours of the announcement, XRP slipped below $1 for the first time since November 2024, raising concerns about the token's stability and growth potential.

The Jeonbuk deal is notable because it involves a regional bank using Ripple Payments to replace traditional SWIFT transfers with near real-time settlement. The target customers are businesses that feel slow rails the most, including import-export firms, IT startups, and online content creators.

Ripple's Managing Director for Asia Pacific, Fiona Murray, described this partnership as a turning point in Korea's institutional financial sector, while Jeonbuk Bank President Park Choon-won stated that the bank is ready to emerge as a digital finance leader meeting global standards.