XRP Price Drops Amid Ripple's Korea Expansion

XRP dropped by nearly 3% in a volatile session on [no specific date mentioned], despite Ripple's significant expansion into Korea. The company announced its third partnership with a Korean bank, Jeonbuk Bank, which is now live with real-time cross-border payments for business customers.

Ripple's Managing Director for Asia Pacific, Fiona Murray, said the deal positions her institution to 'emerge as a digital finance leader that meets global standards.' The partnership replaces multi-day SWIFT transfers with near real-time settlement for clients. This is part of Ripple's broader push into Korea, which includes partnerships with Kyobo Life Insurance and Kbank.

The Jeonbuk Bank deal was originally announced in August, but it was highlighted during the XRP Seoul event on October 3. The event showcased Ripple's Asia strategy and its diverse pitch to the industry, covering custody, tokenized bonds, and cross-border payments.